Wednesday, 27 February 2013

2pm update - the conservative bear

The market appears to be churning out a short term top, having maxed @ sp'1514. The VIX looks like a floor is being built. Metals remain weak..and are continuing to slip lower.



GLD, daily


I'm still waiting to hit buttons for a re-short, but I'm getting impatient. Maybe I need to increase the chocolate dose?

I'm also still recovering from over three hours and 8 minutes of the Ben Bernanke. 

On any basis, the VIX is due a recovery bounce after two heavy down days.

UPDATE 2.05pm


I'd feel a lot more comfortable doing an index re-short, if the vix can see one further down cycle.

A good example is the action on Feb'22, from 3pm..where we even saw a minor gap lower - with classic reversal candle.

So..I might sit this out until tomorrow...regardless..I think we're pretty close..if not already floored in VIX land.

2.25pm  Indexes getting that little extra kick higher that I was concerned about...

This could be the last extra move higher. Those SPY calls..sure are cheaper...-10% in the last 20mins !

Lets see where we are at 3pm