Monday, 23 July 2012

12pm update - patiently waiting

The bounce is going broadly as expected. We'll likely hit the declining 10MA - currnetly 1358





The VIX has cooled off very significantly from the earliy 26% gain. I'm looking for VIX 18.50/18.00..somewhere in that range for the next low later today.

Bears should be seeking VIX in the mid 20s by the end of this week, although if Mr Market gets spooked again..that could come as early as tomorrow.

I remain looking for a re-short sometime after 2pm...around sp'1350.

What matters most, the daily cycle, is now showing a conclusive rollover, so bears should have a good chance of at least a test of the 1310/00 support zone.

Stay tuned!