Friday, 7 December 2012

11am update - VIX reversal...was the tell

The opening index gains have failed to hold, and we're seeing red starting to appear. The early tell was the VIX, which put in a hollow red candle, a classic reversal sign. There is VIX upside to the low 19s within the next few trading days, which would probably equate to sp'1370s.




Bears are battling back, and we already have a few red indexes.

As I do like to say...'who wants to go long into the weekend...thats right..I didn't think so'.

A close <sp'1400 would be a real achievement for the bears this week.

UPDATE 11.30am Bears need to give this a few hours...

Transports..still holding below the Monday spike high, and seeking a few hours lower into the close, anywhere <5080 would be a start.

How we close today...will be important.