Wednesday, 29 May 2013

3pm update - stuck under 1660

Mr Market has battled up from 1640 to 1653, with the VIX now a mere 1% higher. Bears are seeking a red close, and all things considered, will just about get one. Daily index cycles all still look weak, and with no sig' QE tomorrow, bears have another window into early Friday.



Another little 5 wave micro count, like the A' wave?

I find it hard to believe we'll get a close in the green.

Obvious re-short level is 1655/57.

*I'm considering a minor re-short into the close, but there is fair risk of a brief Thursday gap higher.

updates into the close.

3.04pm ..looking at the 5min..we're due one last up cycle into the close.

best case is around 1656/57

3.12pm...seeking a re-short from 1655/57 ..into the close.. ETA, 20/30mins

3.21pm... still waiting..sp'1651s.. I want to see another 4-5pts

still waiting..for 55/56

3.29pm.. sp'1652...another 3-4pts to go....plenty of time.  Standing by to short the indexes.

3.42pm.. am minor-short the indexes, via IWM.  Will hold overnight.