Wednesday 1 October 2014

10am update - opening weakness

US equities open moderately lower, and have quickly taken out last Thursday's low of sp'1964. VIX is confirming the move, with a marginal new cycle high in the low 17s. Overall though, price action does not favour a move much below 1958/55.


sp'60min


vix'60min


Summary

Given another few hours, we'll probably be floored... and set for another climb...probably into the Friday close.
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*I remain on the sidelines. With the failure of the bears to show any sig' downside power across Mon/Tuesday, I've little interest in re-shorting the indexes.

I will look to go long... somewhere around 1958/55... once the hourly MACD cycles level out.



10.26am... minor chop..around 1960....

11am would ..as ever.. be a typical time to put in a floor.
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