Thursday, 29 August 2013

10am update - choppy open

The main indexes open a touch lower, but we're already seeing a notable bounce, with the sp' seemingly looking to break the Wednesday high of 1641. Bears need to keep the pressure on, or a gap fill in the low 1650s is viable.




*there is a rather large gap on the VIX, which if filled, would equate to sp'1650s.

For the bears, a bit of a mixed opening. We're seeing some real chop, from pre-market -5pts...and now a little higher.

There is a threat of a gap fill, but really, Dow +150pts today/Friday ?   Err....I find that really hard to imagine.

Best guess..more chop..before the market starts the next big move lower..although that increasingly seems unlikely until tomorrow/early next week.

10.23am.. well, all indexes breaking the Wed' highs, the gap zone is opening.

The notion of a dow +150pt day though, makes all of Tuesdays fall..completely mute.

For those touting sp'1740s.. and higher..this is indeed the sort of day necessary.