Tuesday, 27 November 2012

2pm update - more minor chop

The hourly cycle is probably close to flooring, and in theory, we should have a viable 4-6 hour up cycle 'soon'. Primary target remains sp'1425. VIX remains weak, -2%.




So, I'm still resolutely waiting for one final lunge higher, to hit the target, and then we'll see whether we level out..and put in a strong intra-day reversal - either tomorrow, or Thursday.

A weekly close <1400 would be a very fair target for the doomer bears out there.

Stupid stock of the year remains...the FB. A close in the 27s would be bullish, it sure is getting close.

I don't think it'll do it though, indeed, its almost the perfect short at these levels. Just look at the MACD cycle, we're getting damn high, and we're about to close the gap from late July.

UPDATE 2.30pm

A little weakness again, but still, its minor. Even a close in the 1390s really isn't anything significant.

back after the close.

UPDATE 3.25   Bears just can't break <1400.  We're still most certainly due one lunge higher to 1425