Friday, 8 November 2013

1pm update - bears on the edge

The main indexes are continuing to build rather significant gains, lead higher by the Trans/R2K, higher by 0.8% and 1.8% respectively. Metals remain weak, Gold -$21, with a VIX that is looking in danger of losing the teens.


R2K, daily


*the ramp in the R2K is particularly disturbing. One down day..and we're almost back to where we started. Equity bulls need to clear the 10MA around 1100 though.

Arguably, sp'1665 is the last line for the equity bears to start waving the white flag.

Same old problem....QE. Urghhhhhh

*I am hearing renewed talk about Fed taper in mid-December, but that makes zero sense. A policy change ahead of the Bernanke leaving..very unlikely. If the Yellen monster is in command, then first taper op'.. next March/April...if ever.

1.30pm.. sp'1764/65...well, we're about white flag waving time for the bears.  Still over two hours left of the day, but really..the move in the R2K is now 2.0%, an incredible rebound.