Thursday, 21 February 2013

Closing Brief

Despite the closing hour mini ramp, the bears still managed the second consecutive daily decline. With VIX having broken into the 16s, and the USD at one point above the important 81.50 level, bears are seeing their first significant down wave since late December.





The closing few minutes were somewhat weak, so..that's a minor bearish sign for the bears tomorrow.

The break under sp'1500 was useful, and it should clarify that the market has a high probability of at least hitting 1490 - if not the 1480s, within the next 1-3 days.

I still don't see this as anything more than a brief reset, before yet another major up wave.

More later, on the all important VIX