Wednesday, 9 October 2013

2pm update - time for some fed-speak

The main indexes have bounced from morning lows, but we're only talking about very minor gains of 0.25% or so. The FOMC minutes could easily be used as the excuse to push higher. Equity bears really just need to hold any bounce <1670. VIX is naturally lower, but is comfortably holding the 19s.



...well, lets see what money printing maniacs were saying last month.

Considering the oversold condition (although I never really liked the term) maybe another hour up....but weakness into the close.

After all, the likelihood of an agreement before next week..appears to be which case we should continue to broadly fall into the coming weekend.

Momo stocks continue to be especially weak...

AMZN, daily

$280/270s don't look too hard to hit..if sp' fails to hold 1627 low.
- is a touch higher..but really, its nothing significant, and if we again see weakness into the close, a weekly close in the sp'1640/30s looks viable.

2.19pm.. market smells ...WEAK. Something that not many note noticed...Oil is down 1.8% Metals remain somewhat weak, with Silver -2%