Friday, 24 August 2012

12pm update - minor bounce, to be dismissed

A minor bounce, partly its technical - the hourly cycle was due to break higher, but it seems there was some more Fed chatter/rumours out there this morning.




I believe all bounces are to be shorted until at least 1380, but at that level, we have the real risk of a major ramp post Jackson hole.

We'll know soon enough, and for the big money, stop levels are crystal.

VIX might just be backtesting the upper channel line which is broke over  yesterday. If so, then the next target is somewhere around 18/19

More at 2pm