Wednesday, 30 October 2013

10am update - a spike to the 1790s?

The indexes open moderately higher, with many breaking new historic highs. Precious metals are showing gains - Gold +$12, ahead of the FOMC, where the mainstream will likely fully come to realise there will be no QE reduction until spring 2014..if 'ever'. Oil is weak, -0.9%



*note the upper bol' on the daily, which has jumped to 1795.

If the market gets overly hysterical about the FOMC later, that will be the target for a brief blow-off hyper-spike ramp.

Retracement to the 50 day MA ?

Equity bulls should keep in mind the rising 50day MA..that should offer good support in the low 1700s across November. I'm guessing it will indeed hold, with renewed melt higher into early/mid December.

Long day ahead...

Stock of the day..(so far)...

GRMN, daily

stay tuned!

10.25am.. micro down cycle. Should see support at 1668..before levelling out around 11am or so.

15min cycle looks bizarre, 5 solid days of relentless algo-bot melt.