Monday, 8 October 2012

Closing Brief

Dull. What else needs to be said? With volatility still so low, this market is back to the same level of tedium we experienced in August. Until we see VIX back above 20, there really isn't much point in being involved, unless you're a HFT algo-bot of course.



So, moderate declines. I've added a potential down channel, but frankly, that seems unlikely. There is a very high chance we'll just gap right over it tomorrow morning.

We remain a mere 1.5% from the QE highs, and if you look at the MACD (blue bar histogram) cycle, we're now floored, and starting to crawl higher.

Those bull maniacs seeking new index highs this month, they remain in total control.

Only with a break below the recent low of 1430, and more crucially - 1397, will the bears be able to claim the June up cycle has ended.

Bits and pieces across the evening.