Friday, 6 July 2012

12pm update - confusing a fearless market

Contrary to what many bears out there might wish to believe, nothing much has changed today, despite the current index declines.

The market has ZERO fear, there are no impulsive moves lower. Its just minor crawl lower, and the VIX is not confirming any of the index declines

sp' daily5

sp, weekly


We remain in a broad uptrend. Until we can break into the low 1320s, I can't take any decline seriously.

I suppose bears could claim the weekly charts are going to at least close the week 'bearish', but still, so long as the VIX remains flat...the bulls remain in control.

More later in the day, I'm getting really tired of this nonsense.