Wednesday, 3 July 2013

12pm update - bears (and bulls) struggling

It continues to be a real messy day. Bears lack any power to break the sp'1600 level, but neither are the bulls able to make a third attempt at breaking the 50 day MA @ 1624.  It would seem that Friday will unquestionably be a pivotal day.


VIX' daily3


*VIX is weak, barely higher, but holding above yesterdays low. Further, daily VIX MACD cycle is appearing to level out.
-- hour left, and 'we're off the lows of the day'.

No doubt the clown maniacs will be hyper-bullish for Friday, despite a great many ongoing world issues right now.

I can only hope the market snaps through 1600 on Friday, and make a fast run to the low 1570s. That would at least conclude - on a bearish note, what has been a very frustrating five trading days.

12.03pm well, here comes the ramp.  sigh.

sp'1616..a mere 8pts away from causing absolute carnage to the bears.

12.12pm. 1617..and the hourly charts look very bullish for Friday.

Just how stupid..or outright in denial, are the bears?

I still see ENDLESS nonsense talk how QE doesn't actually do anything, or how it is 'going to end soon anyway'.

Unless I'm mistaken, QE does continue, and we're sure seeing another $5bn being leveraged up, and ploughed into the market.

Its that simple.

No sig' QE on Friday, but right now, a gap right over the 50 day MA on Friday looks viable, and if thats the case, the bears can write off the rest of the month.

12.31pm.  I sure see a lot of whining and outright bitching on Zerohedge about the ramp..yet, how are they also so stupid as to ignore the giant QE this morning?

Which part of $5bn into stocks is hard to comprehend?, who wants to hold long or short across Thursday, and into the Friday jobs report?

Extremely high risk..for both sides. For the more conservative out there, sitting it out is the only decent option.