Wednesday, 9 October 2013

10am update - very weak open

The main indexes are very weak, and the opening gains lasted mere minutes. This market is starting to get really unsettled, and a further drop of 3-5% looks viable in the very near term. Metals and Oil are similarly weak. The VIX is a touch higher.




The current declines won't likely hold for long though, we're still due some kind of a small bounce into early afternoon.

Best guess, market jumps..7-10pts..only to sell lower into the close - after the FOMC minutes are released.

Mr Permabull is getting rattled!

If Oscar can acknowledge and recognise the QE is why this market has risen, I am still bemused why some of you out there are still in denial.

*the target he seems to be looking for is the June low of sp'1560, although I find it difficult to envision any initial break lower under 1600/1590.

Notable fallers - the momo stocks, FB, TSLA, AMZN...they're all getting hit hard, even though market is trying to bounce again.

10.28am.. market trying (again) to put in a spike floor....

Regardless of any many stocks out there with really ugly charts now...