Wednesday 24 April 2013

2pm update - bots want to do another stop run?

Market still looks tired after its 3 day bounce.There remains the usual threat that the algo-bots might want to do another stop run before the close. Regardless of any minor upside spike, things look okay into late Friday. A VIX close in the 14s is still sought today.


sp'60min



vix'60min


Summary

Market is essentially flat lining, but those hourly charts are warning of weakness in the remaining two hours.
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..other bits...

-AAPL sure doesn't look good. After the spike into the 420s in Tuesday AH trading, a daily close in the sub 400s looks due.

-Oil has reached the target range of WTIC 90/91 - with USO in the mid 32s. Arguably, a very obvious re-short...target is 29...and then 28/27 by late May - which would be Oil <80.

USO,  60min



I'm not short USO right now, but will likely chase it lower within a few days.