Tuesday, 13 August 2013

2pm update - looking stuck

The main indexes are looking maxed out at sp'1696, with the VIX -3% in the 12.30s. Despite the earlier fed chatter on taper, bulls look highly unlikely to close in the 1700s. The key high of 1709 still looks fine in the mid-term. Metals remain weak, Gold -$14



Hmm, it is somewhat tempting to launch a re-short of the indexes, but really, I just don't see any downside power until next week.

Bears also face two major QEs on Thur/Friday, never mind a likely choppy opex.

*AAPL still looks good for 485/490 by opex.

stay tuned