Wednesday, 25 July 2012

2pm update - secondary bounce

Market is attempting to take out the earlier gap higher peaks. A fail at these levels would make for a very nice intra-day double top.

VIX is starting to slip away a bit, which is a little concerning.




Despite the current gains, I'm looking for closing hour weakness, although the stronger indexes - Dow, and Rus'2000, could still close green.

Bears should seek a flat close for the Sp', with VIX preferably no lower than 19.

Regardless, I will hold short into Thursday. I'm trying to keep the bigger picture in mind, seeking sp'1325, preferably 1310 at the next exit.
*we have key econ-data both tomorrow and Friday, little of which will be good for the bulls.

UPDATE 2.30pm

sp'15min - double top, ready to rollover?