2pm update - target 1445, time 12pm Thursday

Now that the AAPL iphone5 launch is done, we can move away from the latest media hysteria about what is..just a mobile telephone. VIX remains weak, but is comfortably holding at 16.00, significantly above the recent low of 14.00


sp'60min

sp'daily

Summary

Primary index target looking right on track.

sp'1445...possibly 1450, probably around Thursday lunchtime.

I can't possibly see 1460 under any circumstances, even if the Bernanke does some sort of QE. Watching Bloomberg earlier, the consensus seems to be that the Fed might do some sort of MBS monthly purchases of 300bn or so.

Frankly, if that's what the Fed does, its laughable negligible.

So, I'm sitting it out until tomorrow. Near term trend - see hourly MACD (blue bar histogram) cycle is still crawling higher. We could in theory get a snap higher at the Thursday open to 1445, even 1450 if Mr Market wants to cause maximum carnage.

Considering the daily cycle - which is surely close to maxing out, tomorrow could be a classic 'sell the news' day.

More after the close.