Saturday, 7 September 2013

Daily Index Cycle update

The main indexes closed largely flat, but there were very considerable intra-day swings, with the sp' opening at 1661, falling to 1640...only to ramp to 1664. Yet, there was significant weakness into the close, with the sp' closing +0.1% @ 1655.





Well, today was certainly not boring!

The opening gains were not a surprise, but with Putin saying Russia will support Syria (although not in what manner) the market got spooked, and the fall down to 1640 was rather impressive.

The subsequent ramp was equally impressive though, and the fact the bulls broke into the mid 1660s was a little concerning.

...yet...the bears closed the day in a particularly bearish manner, with all the gains being negated.

Frankly, I am very pleased with how the week closed. Certainly, the weekly index cycles no longer look 'perfectly bearish','ll do.

*I am heavy short the market across the weekend

a little more later....