Thursday, 23 August 2012

10am update - morning weakness

Good morning. So, overnight futures of sp+5pts have turned to opening losses of -5pts. Hmm, its all relative noise though. Where are we going to see a decent sp-20/25pt day? It all seems a distant hope.




First downside target remains the same as noted yesterday, sp'1390.

The ultimate break level remains sp'1354, which looks way out of range for the bears this month.

VIX remains pretty flat, only rising 3% so far.
Stay tuned!