Thursday, 11 October 2012

10am update - bear massacre coming?

Urghh, it is not a good morning so far in bear land. Here we go again, with a significant opening gap higher, right back into the low sp'1440s.

The failure to break below 1430 should probably be seen as very significant, and now the bull maniacs are already starting to tout new index highs again.




Its a real confusing mess. With this mornings opening gap, its a reminder that this market just can't find much downside momentum - the move from 1474 to 1430 is barely 3%..a very lame move in the scheme of things.

So, is that it? Now we rally into opex and the US election, sp'1500s?

Unless bears can get back below the hourly 10MA, currently 1437, its looking really bad for the bears.

*VIX is presenting a opening red reversal candle..suggestive the opening index gains will NOT last. However, with the VIX <20, its just not very reliable at these levels.

back at 12pm...perhaps.