Wednesday, 18 September 2013

12pm update - market setting up to snap higher

The main indexes have slipped a little further, but the 5/15/60 minute index cycles are all arguably close to flooring. Metals remain weak, Gold -$12. whilst Oil continuing to build gains, +1.2%. Despite equity weakness, VIX is still in the red.



I have to think, the bears are facing a severe risk of a major late day ramp on 'fed speak' nonsense.

Worse case... a snap >1709..and a daily close in the 1715/25 zone.

Certainly, I'm inclined to just sit today out. For the day-traders out there, at least the stop levels are clear enough.

VIX update from Mr T.

So, a few are buying outright Oct' calls, but really, VIX is still very low, and the notion of 20s any time soon seems very unlikely.

Metals looking ugly on the weekly charts...

GLD, weekly

Its only Wednesday, and it sure looks ugly in metal land. First target..120/118