Wednesday, 10 April 2013

1pm update - bears waving white flags

Market remains comfortably holding the morning gains of over 1%. Both Transports and R2K are leading again, both with gains of 1.6%, but still below recent highs. VIX has briefly gone green, but its arguably to be dismissed as noise. Bulls are clearly back in control.




Even if today was merely the last part of a capitulation wave higher, its still zero consolation.

The short-stop levels were clear, for the big/serious money, 1573/74 was an obvious 'get out' level..and we're already almost 1% above it.

Daily charts offer NO hope in the immediate time frame for the bears.

Its time for bears to wave the white flag of surrender.

*I just exited a SPY put THERE is your capitulation.

Congrats.. bulls.. you win.

1.30pm... a look at Oil , via ETF of USO

I'm tempted for a 'brief' short from the 33.90s., maybe before the close.