Tuesday, 24 September 2013

2pm update - bulls pushing for the sp'1710s

The main indexes are holding moderate gains..and building upon them. A close in the sp'1710s now looks very viable, and is further supported by the hourly cycle, which is set to offer a snap higher into the close. VIX is -3.7%, back in the 13s.




Bulls should be pretty confident for the rest of the week, if we close in the 1710s today.

From someone with a very bearish bias...I have to note, I simply sense no power on the bearish side...which has been largely the case for the entire year.

Just reflect upon the fact that in 9 months..market is up 300pts....with 3 months of the year left...add on another 100pts..and there are your sp'1800s. Yet, with a Santa rally...I'm looking for 1850/1950  by year end.