Friday, 20 September 2013

2pm update - it remains...just minor weakness

The main indexes continue to slip lower, but the declines are very slight, and there remains a complete lack of power on the bearish side, not least with a VIX that can barely claw back to evens - despite a dow -110pts. Precious metals remain sharply lower, Gold -$31, Silver -$1.10.



*I remain on standby to launch an index-long position, the 1712/10 level is pretty attractive, with target upside to the mid 1730s by end of next week.

So..we're lower, but I sure don't sense any real power on the downside. For those who can stomach it, we're arguably in the zone to going long again.

I should add..

VIX hourly is offering a further equity snap lower..into the close

Certainly..the next hour will be kinda interesting resistance for VIX . 13.50s. I would be surprised if we go much above that.

2.11pm...standing by to go long.. eyes on the 5min cycles to pin a turn.

2.19pm   vIX 13.36..still not leveling out yet.

The hourly charts are offering sp'1708/06. Anyway, we're coming up to the magical time of 2.30pm, often a typical turn time.

2.26pm.. LONG the indexes, from sp'1713...seeking an exit, next week in the mid 1730s.

Well, I've made my move..I hold long across the weekend.

5/15 min cycles both look floored. Nothing confirmed on the hourly, but I'm content with 1713.

So..once again...permabear...long, never feels easy to trade the long side.