Friday, 27 April 2012

10am update - will the pain stop soon?

Well we're off and running. I'm going to focus on IWM a little more today, since that is what I personally often trade in anyway. I've a few new charts to post on the Rus'2000 index as we progress through the day.

Opening action looks somewhat weak, but its certainly not to be trusted right now. We've seen plenty of moderate morning declines that flip positive later in the day. IWM's opening minor move higher quickly became a black candle - often a good warning, and within minutes it has indeed turned impressively red.





A very long day ahead, and bears will clearly be desperate for a close at least 0.5% lower across the main indexes. Considering the GDP data, the Spanish downgrade, and end of week 'I don't want to risk holding across the weekend', you'd think we might actually close red today.

More throughout the day!