Tuesday, 7 August 2012

2pm update - the bears are tired

The latest rally from 1354 to 1407 has to be exhausting for those few bears who remain. Only two groups remain. The first are those who will 'short and keep shorting' regardless of price. The second, are those who will only give up around 1422.

VIX remains very low, Mr Market is entirely fearless. There are endless stories about 'trouble in September/October', but for the moment...the algo-bots don't care.

sp'daily rainbow

vix'daily, rainbow


No sign of a turn on any of the daily charts, a close in the 1400s would obviously be a real victory to the bulls.

*consumer credit data at 3pm.