Tuesday 13 May 2014

3pm update - melt into the close

After new historic highs in the Dow/SP/Trans, it makes little difference exactly where the market closes today. Whether sp'1890s..or 1900s...the primary trend remains at least moderately bullish to the 1920s within another week or two. VIX looks set to close weak..11s are viable.


sp'60min


Summary

*I will very likely hold long overnight, via a small IWM call block.
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As the lightning bolts start to hit London city this evening....lets see if the bull maniacs can achieve a daily close in the sp'1900s.

yours... not short.

*FCX continuing to build gains.. +2.4%... more on that..after the close
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3.11pm The market can't possibly fall now....


All that is missing is a unicorn...maybe I'll get lucky.
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3.18pm.. minor weak chop....with the R2K/Nasdaq most certainly set to close moderately lower, although that is still a minor retrace of what was a big jump yesterday.


3.37pm.. Well, a daily close in the sp'1900s still viable...not that it matters !

*I will hold minor long, via IWM, from R2K 1124. I'd like an exit in the 1135/40 zone tomorrow.


3.47pm.. It is notable that despite a little weakness in the R2K/Nasdaq, the VIX is still red.

back at the close.