Monday, 13 May 2013

11am update - resilient market

Market is holding together very well. Any hope of sub' sp'1620s late today or early Tuesday seems off the table. Indeed, with big QE tomorrow, a move to the 1640s seems likely later this week. Oil is particularly weak, still sliding, -1.3%. VIX is weak, a mere 1% higher.




Not much to add right now.

*I remain looking to go long Oil (via USO) today. Am in no hurry though. USO 33.40s look viable, which is a touch above the Friday low.

11.36am...Oil remains an interesting one, but not at these levels. Looks like a bear flag on the 15min chart. Best guess, latter day weakness, that might even stretch into early Tuesday, before the next big POMO.