Wednesday 20 August 2014

3pm update - messy afternoon

Market has comfortably coped with the latest Fed press release, and it would seem there just isn't even enough downside pressure to briefly break back into the 1970s. Metals continue to slip, Gold -$5. Oil is holding moderate gains of 0.4%.


sp'60min


Summary

Another pretty tedious day.

I sure can't short this madness...but neither am I interested in going long at these somewhat crazy levels.

--
*Bank of America settles for $17bn for the 'bad mortgages issue'. Too big to jail indeed.

The utter irony is where the money will come from to pay the fine. I can only imagine the laughter around the boardroom table this afternoon.
-

3.12pm.. sp'1988... a mere 3pts from breaking a new high...

It is arguably a given we'll break 1991...hit 2000..and eventually 2030/50 in September.


3.42pm... nasty market...sp'1988...with VIX 11s.

Again..one thing most should be able to agree on.. .this is no market for equity bears.

The only safe trade is...no trade.

..back at the close.