Monday 13 May 2013

10am update - morning weakness

The main indexes are moderately lower, and no doubt some bears are getting a little excited for a turn lower this week. Considering that nothing has changed, I find it implausible for the market to be trading <sp'1600 any time soon. Precious metals and Oil are especially weak.


sp'60min



USO'15min


Summary

Market is shaking out the weak bulls, and (arguably) sucking in the most naive of bears.
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No QE-pomo today.

*I am looking to go long Oil, 11am is usually a reasonable time. Will look for a floor via the 15min cycle.