Thursday, 9 May 2013

11am update - minor weakness

The market is seeing a little weakness, but its to be dismissed. Baring a few daily closes back under sp'1600, minor declines like this morning are the proverbial 'dip buying opportunity'. Metals and Oil are weaker, but then, the USD is higher, and this is putting a little pressure on.



There will be very strong channel support @ 1610, but honestly, does anyone think that is viable today or tomorrow? Bears will be lucky just to see 1625/20.

VIX is 4% higher, but its arguably just 'noise'.

Oil is interesting as a viable long, but I'm just not interested at these levels.

Seagate (STX) is under pressure, I'm not sure why... obvious support in the 35 area.

I happen to like my Seagate drives. The new SSD ones look nice!