Friday, 12 October 2012

10am update - quiet end to the week?

The main indexes are opening broadly flat. The hourly charts do have potential for a down day, but we need to see the sp' take out the 1430 level.

As usual, the VIX appears entirely mute, and is a little lower.




Primary target remains a close below the 50 day MA <1427. There are other soft support 'issues' around 1425.

Doomer bears should seek a close <1424, we're only talking 8pts here, so its not exactly asking a lot today.

Lets see how Mr Market copes today. The daily trend is still downward, and the weekly trends are ALL rolling over, so the underlying pressure is down.

The question has to be asked, who wants to hold long across a weekend in October?

back at 12pm