Wednesday, 11 December 2013

Closing Brief

The main indexes closed very weak, sp -20pts (-1.1%) @ 1782. The two leaders - Trans/R2K, both settled -1.6%. There looks to be further downside early Thursday, before normal service resumes. The end year target in the 1830/50 zone..remains.



With the failed bull flag early this morning, the bears took control, and today was probably the best downside we've seen in quite a few months.

This is probably just the C wave of an ABC that I had originally looked for last week, only to scrub yesterday (yeah.. as I titled it..'permabear kiss of death').

Best guess...further downside by Thursday, the sp'1774/72 - as based on the previous ABC down cycle of late Oct/early November.

To those on the short side today...well done!

..I just pray to the all get a decent exit early tomorrow.

more later..on the VIX