Friday, 16 August 2013

10am update - recovery into the weekend

The main indexes open a touch weaker, but the 50 day MA has held on the sp'500, and all things considered, the market looks set to battle back higher into the Friday opex close. Precious metals and Oil both building gains again. VIX is cooling down.




Market is very likely exhausted on the downside in the current multi-day cycle.

The only issue is how high do we bounce..and how many days.

Best guess..sp'1680s look very likely. The only issue is whether the bulls get yet another attempt to clear 1700.

Not that it should matter for the bears in the mid-term. I can't consider a new high viable until late the earliest.

10.38am.. market still battling it out to hold a floor, but frankly, bears look done for a few days.

Overly risky to take a long position, but a lousy place to launch a new short.

For the moment, patience would seem the only conservative option.