Friday 4 September 2015

3pm update - another wild week

Regardless of the exact close, it has been another wild week in the US equity market, with the sp'500 set for a net weekly decline of around -3.5%. The only marginally bullish aspect is that this week saw a higher low of sp'1903. Broadly though.. this is a broken market, headed to the Oct'2014 low of 1820... and beyond.


sp'weekly1b



sp'60min


Summary

I'm getting tired...  but I think we are all.. right?

Suffice to note, no matter the close, its a bearish end to a bearish week.

Regardless of ANY bounce next week.. and into the FOMC... this market is clearly broken. A grander collapse wave to the low sp'1700s remains a primary target into Oct'. I'll endeavour to catch that one.

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I will hold a micro AAPL-long position across the long weekend. That is obviously underwater, but its small enough that I ain't going to lose any sleep. With a product conf' next Wednesday, I'd have to imagine some degree of brief hysteria next Tue/Wed, which would make for an exit opportunity.
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Updates into the close... not least if we get a little closer to the 1903 low.... or >1920.
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3.15pm.. With the market vainly battling to break back into the 1920s.. AAPL has at least broken the downward trend..

15min


The 110s look out of range by the close.. but by next Wed' 112/113s is not overly bold.
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3.37pm.. Some kind of short-stop cascade underway.