Wednesday, 13 November 2013

12pm update - market back to drift mode

The main indexes are mostly a touch lower, but broadly speaking, we're now in the fourth week of trading between sp'1730-1775. Metals are mixed, Gold +$5, whilst Silver -0.5%. Oil is building gains of 1.2%. Near term outlook for the market remains...a bit of a mess.



Again, it seems the bulls are entirely unwilling to buy >sp'1775, but neither do the bears have any power on the downside.

The longer we just churn sideways, the easier it will be for the bulls to ramp into early December.

So..small chance of minor down wave (untradeable in my view)...before a push into the sp'1800s.

VIX update from Mr T.

time for lunch :)

12.36pm.. no doubt some short-stops are getting hit..and market is spiking  higher to 1770.

For the bears, it is simply another day of frustration, and the opening low of 1760 now looks a fair way lower..and not likely to be broken back under.