Tuesday, 12 June 2012

Closing Brief - bulls back in control

A very stark contrast from yesterdays closing hour, with the market seeing a mini ramp - even higher than I was looking for. The VIX did close around 5% lower - confirming the indexes, although its holding up reasonably well in the 20s due to underlying concerns about this weekends Greek elections.

Lets look at those closing hourly index cycles





We have a clear bull flag (pink) on the hourly chart - with this mornings low being a confirmed floor for wave'b. Wave c' I believe could complete as early as Thursday morning.

Lets be clear...I'm looking for a re-short somewhere in the sp'1350s, and then seeking sp'1150/00 by the end of July.

More later...looking at the VIX, daily cycles, and an update on the bigger picture. (if you look in the left menu, I do actually detail my posting schedule).