Friday, 9 November 2012

1pm update - awaiting his highness

Market is holding on tightly to gains of around 0.75-1.0%. VIX is a little lower, -3%, but not that much, considering the bounce. Primary target remains sp'1345/40..within days.


sp'15min



sp'60min


Summary

Obama is due to speak at 1pm EST about the fiscal cliff, and that might give the market an excuse for a final minor wave higher to 1395...even 1400.

Regardless, frankly, I think 1395/1400 is a gift to the bears.

Lets be clear, I might be wrong, but those weekly charts sure say 'keep shorting until 1345/40'.

back at 2pm...or earlier, if I do start hitting buttons.

*I have eyes on Dec SPY puts, most of those are -20/25% today.
--

UPDATE 1.20pm
Market drops 5pts due to Obama...but...quickly rebounding.
Could be a minor B' wave...if so..seeking 1395/97..by 2.30/3pm


1.30pm

kinda ugly..





Could still be a B' wave, but this market sure ain't happy.