Tuesday, 13 August 2013

3pm update - weakness into the close

The market has maxed out at sp'1696, and a close in the 1700s looks completely out of range. Slight weakness into the close looks likely, and bears should be seeking anything <1690. VIX remains red, but a fractionally higher close is viable.


R2K, 5min


*The R2K is a good example of a leading index putting in a black-fail candle at the open, whilst the other indexes held up..before falling away.

Well, the smaller 5/15/60min cycles all look maxed out, and bears have another opportunity to push lower.

On any basis though, the key 1675 low should comfortably hold into opex.


I remain content to sit this tiresome nonsense out,

Ohh..and its somewhat amusing to see AAPL on the border of the $490s.

Didn't I mention that one yesterday..and earlier today?

I sure don't expect $500 though in the current wave..not if the main market is going to roll lower next week.

UPDATE 3.12pm..hmm, its a bit of a mess. There could even be a small bull flag, but then, how are the bull maniacs going to break >1700? 

Interesting action in AAMRQ - the airline

Good example of stability at the 200 day MA


If that is a bull flag, a close in the 1697/99 area should concern those on the short side, for overnight trading.

3.25pm.. sp'1696...hmm, will the algo-bots want to do a stop run of the 1700/02 stops?

They must be a fair few there to trigger...if not today..then tomorrow.

Certainly, I'm glad to just sit this nonsense out. Things will be a lot simpler next week.

3.38pm.. AAPL shorts getting cooked, +$26 at $494... lol