Tuesday, 24 April 2012

12pm update - tired...and waiting

So...now the bears are waiting for yet another break lower. It is frustrating me again that if we fall 15/20pts, we are retracing almost the entire amount back up. Sigh.




So yeah, I'm getting real tired of this nonsense today. Sure, there are AAPL  earnings at the close, and we have the FOMC tomorrow, which will probably fail to inspire the market. Yet, if 1340/45 is the lowest we go tomorrow, then what about the next wave?

The daily 'bearish scenario' I have been posting for days, the wave'4 suggest 1340 up to1370/80 - but hey, we're already near 1380 today, so, its almost a case of 'going nowhere' across the next few weeks.

I guess I had hoped for more dynamic moves lower, and whilst the VIX is failing to break over 20, big falls in the indexes don't seem likely any time soon. Maybe my despondent mood is the contrary indicator that its time to re-short?