Thursday, 1 November 2012

2pm update - soft resistance zone 1425/30

With two hours left of the trading day, the market is comfortably holding onto moderate gains of 0.75/1.0%. VIX is battling to stay in the 17s.




The last hour pullback could merely be a micro-bull flag, which..if it is, would mean 1430/40s can't be more than a few trading hours away.

Bears are in real trouble. Arguably, a daily close >1440, seals victory for the bulls.

It has to be said, today is a major disappointment. Bulls can justifiably have a good laugh about what they have again managed. We are a mere 3% or so from the QE highs.