Wednesday, 11 December 2013

2pm update - micro bounce for the bulls

The market is seeing a natural bounce after the sp'1786 floor. Further chop into the close seems likely. Bears should battle for <1785, which will open up 1775/70 early Thursday. Metals remain weak, Gold -$6, whilst Oil is -1%. VIX is fighting for a close in the low 15s.




*VIX appears stuck around the old break/gap level...not surprising.

For many out there, today is turning out to be a real relief.

On balance, we should see further downside early Thursday, a natural floor would be around 10/11am, in the low 1770s.

Without question though..the bigger trend remains...UP.

2.27pm.. a clear bear flag on the 15min cycle. A close in the 1770s looks..difficult, but further declines tomorrow look very viable.

Notable strength...TWTR, still holding fractional gains of 0.7% in the $52s.