Tuesday 15 October 2013

11am update - underlying upward pressure

The main indexes have already come close to turning positive. Another hour or so of minor chop, before the QE fuelled nonsense resumes the trend. Metals remain a touch weak, whilst Oil is almost back to flat, after opening -0.7%. VIX is higher, but just 2%


sp'daily5


VIX,daily3


Summary

*VIX looking weak, a weekly close in the 14s..even 13s looks viable, and that might imply sp'1730s.

As expected, the opening declines are very minor, and we'll likely close somewhat higher today. Even the sp'1720s are viable if there is 'good news' that the infamous can has been kicked into next month.
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The momo stocks seem to be doing quite well, esp. FB and TSLA, the latter now +$8

There really isn't any due until Wed' 2pm, when we have the Fed beige book. Until then, probably minor chop, somewhat to the upside.