Friday, 12 October 2012

3pm update - bears need to hold a red close

An interesting week overall, with just one hour to go. We remain on the threshold of closing below key weekly index rising support levels.

VIX is a little higher, but showing zero concern. Mr Market is still in the mindset of 'nothing to worry about'.




So, lets see if the bears can at least close today moderately lower on all the main indexes, with a slightly higher VIX too.

A close <1424 now seems unlikely, the 50day MA of 1428 would be useful to close under.

I will hold short across into next Monday, perhaps it might even be a Cinderella 'Sunday night surprise', downside target would be the recent key cycle low of 1397.

More after the close.