Friday, 28 December 2012

10am update – morning weakness

The sp' is back below the broken low of sp'1413, and the next key level remains sp'1398. The VIX is moderately higher, but more importantly, its again above the 20 threshold. Mr $ has lost most of its earlier gains.




*Chicago PMI, in line with expectations @ 51.6

Today and Monday are going to be a minefield for traders. We could easily see another massive ramp later today if the political maniacs decide to go for a last minute deal.

Regardless of news, the weekly..and monthly charts continue to suggest downside to the low sp'1200s..within a few weeks.

I remain short, it will be tempting to make a temporary exit, if we can hit 1395/90