Monday 7 May 2012

2pm update - tricky afternoon

The short term 15/60min cycles are very much saying further upside into the close, whilst the daily/weekly cycles will both keep putting downward pressure on this market. I still think today is working out okay - whether bullish or bearish inclined.

However, clearly today there are a lot of very disgruntled and moody bears out there. Surprisingly, I'm not one of them, having bailed at the open.


Sp'60min



VIX'60min



Immediate 2-6 hour trend is still upward, but yet we could still drop pretty hard in the last 90minutes of today. Its time to move to the 15min cycle

I continue to remain open minded, and consider a re-short before the close, the typical 'ideal peak' would be around 2.30pm - so just 30mins to go.

Top of the bear flag (pink)..sp'1375...we should be hitting that this hour.

Sp' 1340 remains the primary target, and that IS viable as early as tomorrow.
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update. 2.15pm
Short, from equivilent of sp'1373.  I might be a few hours, even a day early, but I'm shorting from 1% higher than my 9.30am exit..that'll do.

Lets see if we see some weakness into the close.