Thursday 7 March 2013

12pm update - sideways before another jump

The main indexes are holding moderate gains. The lower dollar is no doubt helping. VIX is also little lower, a close in the 12s looks very reasonable, perhaps 11s tomorrow (briefly)..if sp'1560s.


sp'60min


Summary

Suffice to say, it looks like a large multi-day bull flag on the hourly charts.

Assuming the Friday jobs data comes in at least 'reasonable', we'll probably be in the mid 1550s..if not the 1560s.

That'd be one way to send the remaining bears into a depression for the weekend.

more later...
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VIX update, from Mr T



I have to say, no clear turn on the VIX daily cycle..yet. I certainly won't consider a VIX buy until next week.