Thursday, 1 November 2012

12pm update - bulls wrestling back control

On the fifth attempt, the bulls are battling back. The VIX is significantly lower by 8%, and is sitting around what is critical support, a close in the 16s would be a major victory for the bulls who are clearly seeking a 'rally into the election'.





It is not looking at all good for the bears. I suppose - and its indicated on both charts, a resistance zone of 1425/30.

A daily close anywhere in the 1430s would be a major victory for the bulls, and could well be setting up a multi-week ramp post-election.

The weekly chart momentum is STILL bearish, but...another day or two of this, and the bears will have lost what little downside momentum they had. It is somewhat put it mildly.

As ever, for those with serious money...good short-stops would be 'useful'.

back at 3pm.