Tuesday, 10 July 2012

1pm update - which way?

So.......which way we going? Are we really stuck at 1350..and headed one last high around 1375/90, or..is this nonsense going to break 1330...and flash lower under 1300 as the algo-bots get spooked?

Bears really need a close under the daily 10MA, currently 1350. A close of 1345 or lower, would be very useful.

sp' daily5


Most indexes remain in what are pretty clear bear flags. The spike over the flag this morning was indeed a nasty fake out.


Bears should also seek a VIX green close to confirm any closing index declines. With 3 hours to go..this one is too hard to call.

As it is, I remain short, looking for an exit around 1330/35, and would then reassess any intra-day bounce.

Recommended viewing...from Bloomberg, ECRI chat, with Tom Keene.

*and I would agree..we are probably already now in a recession...as is of course Japan, UK, and the broader EU.