Closing Brief

A day when the market should have been shut. Effectively...virtually nothing to note, with the sp' closing +1pt @ 1771. The hourly index cycles have opportunity for a Tuesday rollover, best case downside for the bears remains 1735/30.


sp'60min

vix'60min

Summary

A day of nothing for the broader market.
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*since effectively nothing happened today, I'll skip the usual VIX/Index updates later.

next post at 11pm EST.
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Closing video from Riley...



I agree with his sentiment...market should have been closed today.

3pm update - I think the market closed four hours ago

The market remains a twilight zone of nothing. On what might be the quietest full trading day of the last few decades. Metals are trying to claw higher, with a moderate chance of a Tuesday gap higher. Oil is battling to close at the high of the day, +0.75%


sp'1min

Summary

Aside from that little twitch in early morning...we really should have been closed today.

No doubt, a fair few people thought the market was going to be shut for the holidays.
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DRYS has been attempting a rally after the major retrace.

Needs to clear $3.50/60 by end Nov, but more importantly, It will be tough to break >$4. 

2pm update - stuck in the low 1770s

The main indexes remain quiet, with the sp' stuck under the recent high of 1775.  Metals showing sign of possible late day claw upward. Oil losing its gains, now just 0.4% higher. Notable gains.. RIG and TLSA


sp'60min

Summary

Very little to note.

Hourly MACD cycle has a chance of rolling over early tomorrow.
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TWTR, daily

Just who is buying right now in the low 40s?  Maniacs!

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.


sp'60min

sp'daily5

Summary

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.
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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.
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12pm update - remaining quiet

The main indexes continue to just see minor chop, although it is notable that the Transports is managing gains of 0.4%. Metals remain weak, but susceptible to a minor afternoon rally. Oil holding moderate gains of 0.8%


Trans'daily

Summary

I suppose a quiet day is a good thing, but really, it'd be good to see the indexes swing a bit more this afternoon.
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TSLA, daily

The TSLA bull maniacs are getting overly excited at a near term floor. Hmm. I'd sure not be a buyer until the 110/100 level, and even then..who wants to buy that over-valued nonsense? 

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VIX update from Mr T



Time for tea.

11am update - morning chop

The main indexes are seeing minor chop..and despite an air of weakness out there..the bigger weekly/monthly charts are inexorably pushing upward. Metals are weak, but look floored in the immediate term. Oil is building gains, +0.8%


sp'60min

Summary

A very quiet day, but then..it is essentially a market semi-closed on a public holiday.
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Some interesting moves in individual stocks...I'll highlight some across today, whilst the indexes remain 'dull'.

RIG - a stock I recently highlighted...

I have to think if the main indexes 'broadly climb' into 2015..RIG is a 125/150$ stock. 

10am update - sleepy open

The market is very quiet on a day when most things are closed for veterans day. Metals are weak, Gold -$4, with Oil a touch higher. Equity bulls merely need to hold the sp'1700s in the weeks ahead..which will easily open the door to sp'2000s by late spring 2014.


sp'weekly8

Summary

To start the week, important to keep in the mind the broader weekly charts. Note the upper bol', which has now climbed to 1783.

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I honestly don't expect anything of today...or indeed this week. Sure, there is some individual activity in particular stocks..but generally, a dull week ahead, where the bears will likely get pretty frustrated.
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TWTR loses the $40s to start the week.

I'd have to assume we'll drop to $30..if not the IPO issue price of $26, possibly before year end.

Pre-Market Brief

Good morning. Futures are flat, we're set to open around sp'1770. Metals are weak, with Gold -$4.


sp'60min

Summary

Well, here we are again, another week in the crazy casino.

I certainly noticed a great deal of bearish chatter this weekend, which was somewhat surprising considering the rebound on Friday.

We could still trundle lower to the 1730s - which was my target last week, yet..I continue to broadly see this market as simply untradeable on the short side.

Baring a break <sp'1700, I can't take any of the declines seriously, whilst the bigger weekly/monthly cycles keep pushing upward.

More on that later....
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Notable early movers:  RIG, +2.5% in the $54s., FB -1%, and TWTR is -1% in the low 41s.