Wednesday, 17 July 2013

3pm update - still quiet out there

Despite a touch of weakness in the main indexes, most are still +0.2% or so, the market is holding together very well after the latest Fed econ-report/outlook. VIX is still -4% in the 13s, whilst the metals are very weak. Oil is holding gains of 0.9%.



Things only get 'moderately' interesting if we break the lower channel.

At the Thursday open, bears need a break <1665 to be decisive. Frankly, I find a near 1% decline very unlikely, never mind actual consistent trading in the 1660/50s.

Bears are surely best to just leave this alone for another few weeks.

I see a fair few suggesting the market will max out next week, but based on the weekly charts, early August looks far more likely.

3.23pm...pretty tiresome...minor moves...and we're back in the sp'1680s.

Gold remains weak..-$16