Wednesday, 25 July 2012

3pm update - closing hour rollover, or more meltup ?

Mr Market is slowly melting upward, and has indeed broken over the morning gap higher.  VIX is lower by 6%, nothing major..yet, but for those short, its starting to get a little annoying.

sp'15min, rainbow



Certainly, there is no descernable turn lower yet, but we could lose at least some of the current gains in this closing hour. The question is, why would anyone wish to be long here? The daily cycle is still very much warning of serious trouble ahead.

I hold sternly into Thursday, seeking a break of the next level @ 1325...and then 1310/00 by the Friday close.

More after the close.

UPDATE 3.15pm ..looks like a rollover

sp15min rainbow