Wednesday, 24 October 2012

3pm update - Closing hour twitchiness

With the Fed statement amounting to nothing, what now? Bulls have a major problem, with the opening rally failing, and now they must be getting real twitchy about a new wave lower, one they breaks the important cycle low of sp'1397.




Market has been battling to break higher all day, but it has failed entirely.

The VIX MACD cycle is very low, and there is very significant upside potential tomorrow, VIX 20/21 seems very viable.

So, lets see if we can see at least a little market decline in this closing hour. A close <1407 would be a real bonus.

I remain short, and look to hold into Thursday.

More after the close