Wednesday, 5 December 2012

12pm update - chop fest

Its turning into a real mess again. Opening gains failed, with a snap lower, breaking sp'1400, only to bounce right back. Regardless of this latest bounce, underlying weakness should re-appear this afternoon, breaking the earlier snap lows. A close in the low 1390s seems very feasible, with VIX 18.





What is clear, bears need to see this latest bounce fail, and close under it.

Tranny H/S formation still intact, but its borderline again, must not >5120.

Weekly charts are now flashing provisional warnings...will update those later.

UPDATE...well, they've broken the channel lines...and bears are in real trouble..again.

A close over 1420 would be..devastating. Any of the serious bears will have just got kicked out.

I'm getting rattled by this.

The underlying trend IS down, but...a close >1415.. and certainly >1420..would really mess things up.
Still 4 hours to go, and thats long enough to once again reverse back lower..even below the morning low.

As ever..this market is pretty twisted.

UPDATe 12.17pm.  I'm annoyed with myself, should have stopped out @1402 at least, could have reshorted >1410.

Looks like a possible spike top for this latest round of lunacy..

I sure want to see <1410..within the next 30-90 minutes.