3pm update - crawling higher into the close?

The main indexes look like they've found a floor at sp'1538, although 1545 looked 'secure' yesterday. VIX is cooling off from its earlier mini surge. Metals are on the slide, whilst Oil is trying to floor. For the bears, there is near term significant risk from the FOMC.


sp'60min

USO' 15min

SLV' 15min

Summary

Its certainly not boring, thats for sure.

The news from Cyprus just keeps on going, I'm not sure whether to call it a comedy show..or a horror story. I guess, it really has to be the latter, but some of the developments really are comical.
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I'm holding to the original outlook, for a final wave V higher. With the FOMC tomorrow, I'm guessing the Bernanke will at least 'console' the market to some extent, with a little rally.

Such a wave higher need not break the recent 1563 high, as I'm sure most realise.
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*I will hold a small position, long USO, overnight.
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UPDATE 3.20pm Bulls should be seeking a close over the hourly 10MA @ 1549.

back after the close