Thursday, 10 May 2012

11am update - mostly churning

As noted earlier, it looks like we'll see a chopfest for the next 3-5 days - forming a RS. So, probably best for most to just sit this nonsense out, let the algo-bots swing it from 1350-1380 until middle of next week.

Sp'60min count'2

Market is cycling lower on the 15min..I do NOT expect new lows today.

IWM 15min

I remain on the sidelines...prices are too high to go long, and too low to go short. I certainly still looking at the possibility of a majorly destructive wave'3...which 'should' get going after opex.

More later.