Tuesday, 21 August 2012

12pm update - the melt continues

The low volume melt continues to a large extent, although there are a few signs of weakness out there right now.

VIX remains in wonderland, and it is arguably to be ignored until its at least back above 17/18.


AAPL, daily


We seem to be getting some micro-reversal at the moment, arguably a result of a near-hit of the upper trend/channel. First target in any multi-day down trend remains 1390.

AAPL is offering a little entertainment. Yet, the daily 10MA is $636, that is an awful long way down, and unless the bears can break that (which seems unlikely), the up trend can still be said to be very much intact.

 *we have the FOMC minutes released tomorrow, so that will likely increase market action, not that it could get much lower anyway.

Stay tuned