Wednesday, 30 October 2013

3pm update - closing hour weakness

The main indexes are moderately lower, after the FOMC decided to change nothing (such a surprise!). It would seem reasonable to look for the sp' to slip lower to the 1730s across the next few 2-4 trading days, before renewed powerful upside across Nov/Dec.




*the spikes on the VIX remain odd. It'd seem an algo-bot went crazy, and put out a VIX quote matching the recent high in the 21s.

With the FOMC out of the way, things are again clearer..and simpler.

1775 looks to be the immediate term top...with a minor retracement, down to around 1730. On any basis..sub 1700s do NOT look viable in the near term...nor..the remainder of the year.

Interesting action in the metals...with conflicting short/mid/long term cycles.

3.14pm.. FB earnings at the close...currently -1%

FB, daily

Hard to call this one, but broad trend is clearly to the upside.

3.32pm.. sp'1664, and despite the 'we're off the lows of the day' mantra on clown finance TV, market does look set for a few percent lower.

Regardless of any fall of 1% or so tomorrow, the big monthly index charts will close the month bullish.

*NFLX and TSLA having problems. The latter looks doomed to $110/100.. one to watch!

3.43pm...Equity bears can note the weakness in the two leaders , trans/R2K, both down around 1%.

The headline indexes should follow tomorrow/Friday. Target remains sp'1730s.

back at the close :)