Friday, 9 November 2012

2pm update - Paranoid Bears

Obama's appearance at 1pm sure did not help inspire the market, which promptly fell 12 sp' points in the past hour. So, we're back @ 1380, with VIX green - for the first time since Wednesday.




It is looking like 12.30pm may have been the peak of the day, in which case we'll just fall all the way into the close. Urghh. Its getting frustrating again.

I will be short before the close though. Weekly charts suggest major move viable at any time, 1345/40.

From a count perspective, I suppose its still possible we can get back to the 1390s..but it will real difficult now that the hourly cycle is starting to rollover again.


UPDATE 2.05pm

If market breaks 1377..I think I'm going to have to chase this lower. Its not a strategy I like at all though. It would seem those bears still waiting, were actually overly patient today.

I think you can see how 1377 is kinda decisive. If we break that, there really is nothing but empty air into Monday, at which point we could be a very considerable way lower.

For now, still waiting.

2.30pm   still waiting. this up wave could be a c' wave to 1390/95, maybe a double top @ 1391. hmm