Wednesday, 13 February 2013

10am update - another day of melt

Mr Market opens higher, and we already have new post 2009 highs for the Dow and SP. This market remains a slow motion freight train. The fuel is primarily POMO, and the driver is...none other than the Ben Bernanke. Passengers? Oh yeah, I guess that would be the algo-bots.




Yet another day of low volume melt. No reason to expect anything different than yesterday..or the many days before that.

Keep in mind that tomorrow is a huge POMO day, and it will be fascinating to see if we break significantly higher into the 1530/40s.

*metals are a little weak.

I'm still kinda considering a re-short on SLV after my exit yesterday, but the opening action is kinda dull. SLV could easily melt higher - along with the main market, across the day.

What is clear, the only 'safe long' in metals, is after a few daily closes above the declining resistance.