Monday, 9 July 2012

1pm update - slipping lower..slowly

Market appears weak, every micro bounce seems to be getting faded by the day-traders. We're certainly not seeing any kind of nonsense 0.5/1.0% bounce today!

First target remains 1340/35, with VIX 19




We have broken the baby bear flag, so, that's something at least for the bears today.

Right now, a close of 1340 would be best bear case. The exciting thing then is, if the market can gap lower Tuesday more than 11pts....1329s would break the larger daily up trend...and open up 1300, within 2-3 days.

More later...on what remains a quiet start to the week