Wednesday, 18 September 2013

11am update - chop chop

The main indexes are a touch lower, but it would surprising if the market can hold even moderate declines ahead of the FOMC. Metals remain weak, Gold -$10. Oil builds on opening gains, on lower than expected reserves data, +0.8%



Underlying MACD (blue bar histogram) is now negative cycle, and will be offering a floor by the afternoon, and that is certainly not the best set up for equity bears.

VIX, daily,, possible H/S ?

Unquestionably, bears should seek a daily close in the 15s, which isn't that much higher.

stay tuned!