Wednesday, 18 September 2013

1pm update - market in a holding pattern

The main indexes remain a touch lower, but the current declines merely help to reset the smaller cycles even more, ahead of the FOMC at 2pm. Metals are weak, but the interesting action is in Oil, continuing to build gains, +1.7%. VIX is fractionally higher, after the opening Sept' opex.



I have to think this market is going to snap significantly higher into the close.

Everything is now set up for the bulls, all the smaller cycles are pretty much floored, and the weekly index charts are still outright bullish.

*as it is, despite that increasingly bullish view, I'm not getting involved on a Fed day.

One thing looks likely though, we're going to be closing >1710...or....<1700.

Today's close should offer some real clarity into end Month/early October.-

AMZN, perhaps the most insanely valued stock in the market..looking strong.


*I actually bought something on Amazon today, so I'm doing my part to help keep it unprofitable.

As many recognise 'they lose money on every order, but make up for it on volume  ;)

1.24pm metals jump...does someone know something?

GLD, 5min