Tuesday, 21 August 2012

2pm update - reversal, but a small one so far

Yes, a reversal appears to be underway, lead by none other than AAPL. Yet, we can be clear about one thing...any declines are not to be trusted until we're back in the 1340s. Frankly, that seems near impossible between now and Jackson hole next Friday.




Bears should be looking for a close under the daily 10MA of 1409.  Considering the action of the past few weeks, even a 10pt decline on the Sp'500 looks pretty 'hopeful'.

VIX is +6%, but....until we're in the 17s..its all mere noise.

Stay tuned.