Thursday, 19 July 2012

10am update - wondering where the lunacy will stop

Opening gains, moderate, but certainly vulnerable to a reversal, at least for a few hours.

Phil Fed Survey:  -12.9  vs -16.6     Lousy!
Leading indicators: -0.3  vs +0.4   weak!
Existing home sales:4.37m  vs 4.55m  - weaker than expected

Update - econ' data all poor, nothing good there.


sp, daily5


We're at the top of the channel on the hourly index cycle, so...its going to be difficult for the market to hold these initial gains. 

With the lousy econ-data, early gains fading, but we're not collapsing. Bears have ZERO downside momentum right now. Its going to take a few days just to get a down cycle started.

VIX flips the low in for volatility?

More later