Thursday, 31 October 2013

10am update - no one believes the number

The sp'1775 top looks pretty secure, at least for some 'days'. Primary downside remains the low 1730s, but that probably won't be hit until early next week. Precious metals are weak, Gold -$18, Oil is flat. Regardless of how we close today, the monthly charts all look set to close the month strongly.




*Chicago PMI;65.9 , vs 55.0 expected.  A truly BIZARRE number, in fact, I've never seen such a jump..EVER. I gotta think its a typo in the press release. No way did it climb that high in a month.

So. market opens a little weak, but bears look set to struggle, even to drop just a few percent, and we're already seeing the indexes flip a touch green.

Despite the PMI number, I don't think indexes can break >1775 in the immediate term.

FB offering a reversal candle...I think it'll be floored soon.

TSLA..looks real ugly..and likely headed for 110/100, maybe within a week.

stay tuned