Tuesday, 26 June 2012

3pm update - every bounce is a bonus to the bears

The market remains content to remain in what is now a two day bear flag on the small 15min cycle.

I'm certainly not going to get 'lost in the noise' of these tiny moves. The bigger trends remain clear, and for those who can keep that in mind...they'll probably do very well this July.




*special note on the VIX, the minor decline to the 19.50 level arguably fills the gap from yesterdays leap higher. From a cycle perspective...VIX looks pretty floored

Every index bounce should be treated as a bonus opportunity to re-short at higher levels, by all those bears who believe we are indeed headed to the low sp'1100s this summer.

I will hold short overnight, seeking sp'1300/1290s for my next exit - which can easily still occur by this Friday.

More after the close

*update. 3.30pm


Market showing a little weakness now, look at the cycle starting to rollover.