Tuesday 30 April 2013

11am update - bears still weak

After some weakness resulting from the recessionary PMI number, market is again back in the 1590s..and those bull maniacs are still in control. VIX is finding it too difficult just to hold the 14s. Precious metals and Oil both moderately weak, and look toppy on the larger time frame.


sp'60min



vix'60min


Summary

A sub'50 PMI number, and the market could yet close higher.

But then..every day is a POMO day, with those algo-bots - low volume permitting, able to melt everything upward.

It remains a very frustrating market.

What is absolutely clear, bears can't be the least bit confident until we're back in those sp'1560s, which is a good 1.5% lower..and that sure doesn't seem likely today..or even tomorrow.