Thursday, 17 January 2013

11am update - holding above old resistance

Mr Market is holding comfortably above the old 1474 resistance. Even the VIX is now red, after opening fractionally higher.  Metals have strongly reversed higher, with the $ a little weaker.  The transports and Rus'2000 are again putting in new highs...its relentless.





Its a bit of a mess this morning, not least for those on the short-side. There is empty air now all the way into the low sp'1500s. There really is nothing to stop this nonsense.

The daily chart upper bollinger is now offering 1495 'at any time' there is plenty of available upside if we can close above 1474.

The metals have seen a very strong reversal this morning..with Gold flipping from $-10 to +8

It remains a bear flag formation though, probably fourth wave..before one final low.