Friday, 27 April 2012

1pm update - did the bell ring yet?

3 hours left in this trading week, I'm almost wishing we'd just close now, since the chance of even a slightly red close seems out of reach.



VIX trying...yet again to break back above the hourly 10MA. The 10MA on the weekly cycle is currently 16.65, a close above that remains essential to any bearish outlook into early May.

Arguably, the big-short money won't be thrown into the market until we are back under SP'1380. Right now, a 23pt decline in the SP - even across 2-3 days next week, seems like a wistful hope.

More later, on what remains a difficult day for those holding short positions.