Wednesday, 16 May 2012

12pm update - due a new wave up

These 15min cycles are really messing with traders on both sides this week. For the bulls, we are at least holding above the recent low. The Bears are seeing the VIX hold above 20/21, and the sp' is a mere few points above the 1328 low (although futures last night were 1323)


SP'60min, count'1


*just went long at 11.54am

The closer we get to opex Facebook-Friday, I'm more confident to go long. It is VERY important though we don't break below previous lows, although I realise it depends on what index you are watching. IWM (rus'2000 small cap) has often held the lows better than SP/Dow.