Thursday 14 August 2014

1pm update - Dow headed for the 50 day

US equities continue to relentlessly claw higher. The Dow is +44pts, with the 50 day MA still 160pts to the upside. Dow 16850s would equate to sp'1970. Oil has continued to weaken, now significantly lower by -1.7%.


Dow, daily


Summary

Market is in melt mode.. and there are doubtless a truck load of short-stops in the sp'1954/56 zone.

High chance of those being triggered this afternoon... which might result in a daily close around 1960.

As things are... I intend to hold long overnight..but will look to exit into the weekend.