Monday, 22 October 2012

10am update - morning chop

Good morning, and welcome to another week at the world's greatest casino. The market is opening mostly flat, looks like we could be choppy most of the morning.

The VIX is a touch higher, but whilst it remains under 20, its really unreliable.





The choppy opening is a real mix. Some stocks are getting a good ramp...BTU, AAPL, but there is some moderate weakness in a lot of other places.

Those bull maniacs seeking for a major move higher this week are likely to be very disappointed.

The weekly cycles - are all going negative MACD cycle, a very bearish start to a trading week.

A long day ahead, seeking general weakness, first target remains a break <1427...which will open up the recent cycle low of 1397.

So, bears should target a daily close <1427, with VIX at least 3-5% higher in the upper 17s.

back at 12pm