Monday, 11 November 2013

1pm update - afternoon micro chop

The main indexes remain very subdued, with the sp' holding flat around 1770. Metals - along with miners, remain weak, with Gold -$5. Oil holding moderate gains of 0.7%. VIX is simply melting lower, -2.5% @ 12.58.




To be clear...I think there remains small chance of a retracement to the low sp'1730s...but in my view..the short side is untradeable right now.

The rising 50 day MA..and weekly 10MA..will both be offering STRONG support in the 1730/10 zone for the rest of this month.

I simply can't see sub sp'1700s for the remainder of the year.