12pm update - the patient bear

The market is largely flat, and holding around 1387, comfortably above the important 200 day MA of sp'1382. The good bears who managed to avoid yesterdays mindless nonsense, still need to be patient. It will likely take some days for this wave'2 bounce to play out.


sp'daily5

sp'daily4 - the general 'bearish outlook'

Summary

So...we're off the morning lows, and the indexes are flirting with green.

I'm kinda surprised at seeing some traders - who are unquestionably smarter and more experienced than me, who have been shorting since last Friday. There was always a major threat of a 'stupid bounce'..and these things generally last at least 7-10 days. I would refer anyone to late June 2011.

Re-shorting at this early stage seems overly pre-emptive..and risky.
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I remain content to sit back..and watch this nonsense play out into next week.

The good bear...is a patient bear



time for lunch, back around 2pm

UPDATE 1.15pm

Market falling back again, but its a very minor move after the recent move higher.

We should not be breaking <1370 on any basis.
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