Thursday 8 August 2013

3pm update - bears ready for next wave

The main indexes are holding moderate gains, but it sure feels weak out there. The market remains stuck around sp'1700, and there is downside pressure on the hourly cycle in the 1700/03 area. VIX looks floored in the mid 12s. Gold holding gains of $26 or so.


sp'60min



vix'60min


Summary

Lets see how Mr Market wants to close. If it wants to confuse the max' amount of traders, it'll close 1698/1700 area.

Regardless..i hold short into Friday. Seeking sp'1675. I have to say, I'm feeling pretty confident about how its playing out.

It would be nice to end the week with an exit in the 1670s.
--

3.08pm..  t-5/10mins until a snap lower is viable.

3.23pm... it looks to be underway

3.28pm...looking bearish for the closing 30mins


So...lets see if the 1670s tomorrow :)


3.44pm.. sp'1699...well, the algo-bots might wanna hit some stops before the close....

Regardless, I hold short overnight.

back at the close :)