Monday, 1 October 2012

2pm update - intra-day pullback..or keep falling?

We're hovering on the hourly 10MA of sp'1445. The bulls merely need a close over this, that would suffice for a Monday. The bears will be clamouring for a largely flat close around 1440. That would make for a very bearish candle to start the week, and suggest good opportunity that 1420/00 is viable later this week.

VIX is continuing to show underlying strength.

sp'60min - H/S formation



How we close today will certainly be important. The rest of this week will be consumed with how the jobs data turns out. Unlike ALL previous months, the bulls no longer how the 'ohh..bad news means QE3 coming'. No, those days are over.

Bad jobs ...bad news.

I remain short, at least with the failure to break the descending upper trend line, all is not lost..yet.

back at 3pm