Thursday, 10 May 2012

12pm update - I should probably turn the screen off

Market is indeed an annoying chop fest right now. Clearly a few bears were shorting earlier...only soon to get stopped out on another micro rally. Similarly, a set of weak bullish hands were kicked early on. VIX is weak, it looks like yesterdays brief break above 21..was a mere tease for the bears. Next VIX target would be somewhere in the 17s.

Sp'60min, count'2

Sp' daily, bearish outlook

Daily cycles are levelling out on the MACD cycle. We're pretty low, its not a good place for any new short positions.
It was very tempting to go long earlier, but prices just did not fall enough to merit a more reasonably entry level. I would definitely look to go long around sp'1353/50 near the end of today, but I just don't think we'll get that low. 
Time for lunch..back later