Thursday, 8 November 2012

1pm update - bulls struggling

Market failing conclusively to hold above yesterdays lows. That opening mini-ramp to 1401 now looks a long way up. Despite the weak indexes, VIX is still red -4%, that is not a good sign for the bears. A late afternoon hyper-ramp (for no good reason) is very viable. Watch out for some stupid news-wires rumour to appear after 2pm.



The VIX hourly may have found support on a very vague rising trend line, but...considering the indexes, it might well not hold.


Hmm, it sure is a weak market, and the 1400 level is clearly going to be VERY difficult to get a daily close above.
I can't be chasing this lower, I'll wait for the next bounce...whenever that is.

Primary sp'1345 target remains my best guess, could be hit very early next week, before opex.

UPDATE 1.30pm

More weakness, and now we've just about tested the 200 day MA @ 1380.

The weekly target of 1345 is a mere 35pts away,  Viable tomorrow or Monday.