Thursday, 17 October 2013

3pm update - another day for the bulls

The main indexes are holding moderate gains of around 0.4%. Even the laggy Dow is 100pts above the morning lows. Metals are trying to break the mid-term down trend, with Gold +$40. Oil remains under broken support, -1.5%. VIX looks set to melt lower into the close.




Today was probably the 135th (so far this year) reminder to the bears that the underlying trend remains to the upside.

Anyone who dares to question that basic (and obvious) notion, should go stare at a weekly chart for the rest of the day.

How will be close the week? Probably sp'1720s, if not 1730s..with VIX in the 13s...but more on that later.

3.30pm  Market breaks into the sp'1730s, with R2K due for the 1100s...

R2K, weekly.

The 1200s look viable by end year, which would suggest sp'1850/1900s.

3.45pm..The bulls sure do love their closing hour mini ramps..if only to really annoy the bears for the rest of the evening. sp'1731s... 85pts in 6 trading days.