Friday, 25 October 2013

10am update - market wants an excuse to retrace

Underlying price pressure remains strongly to the upside, but the market still feels tired, and some weakness across today looks viable. Metals are a touch weak, Gold -$3. Oil is moderately higher,+0.4%. VIX is generally flat lining in the 13s, +0.4%



*consumer sentiment: 73.2

It is unquestionably a tired market, and a retrace would be very natural right now.

Overly risky for a short-index trade, not least with ALL bigger cycles outright bullish.
As it is, the price action is highly suggestive that no one wants to buy >1759 into the weekend.

Meanwhile, in crazy land...

AMZN, daily

A loss making company...naturally ramping to the moon...and then Mars.

10.20am.. market WANTS to retrace. Even 1745 will be difficult though.

Everything is set up though for the bears across today.