Friday, 31 May 2013

11am update - end month churn

With the econ-data coming in better than expected, the market had the excuse it needed to ramp out of the sp'1640s. There is a lot of QE fuel out there today, so a moderate green close looks rather likely, with the VIX set to turn red later in the afternoon.




We have found support again in the area of my 'first target'.

Certainly, I just can't see the 1640 line being breached today, next Monday, or indeed, for perhaps the next few weeks.

Bears are probably going to need to wait until mid June.

*I am long RIG, I like the company/sector, and its my way of going long in what remains a...nasty market.