Tuesday, 21 January 2014

12pm update - Tuesday morning weakness

The main indexes have seen a morning swing of around 0.8% to the downside, with the sp' slipping from 1849 to 1833. Metals are weak, with Gold -$12, and Silver -1.9%. Baring a break of last Monday's low of sp'1815, the equity bears still have little to tout.




So...its been a bit of a mixed mess this morning. Opening gains - with new historic highs on the Trans/R2K, but then a sharp minor wave lower.

A reminder of the weekly chart highlights the bigger problems all those getting overly excited at this mornings action face. The weekly 10MA remains good initial support, and that is now almost in the 1820s.

Baring a break <1815, this is just minor chop.

With Sig' QE tomorrow..and Friday, the pressure will increase against the equity bears, but then..that has generally been the case for the last few years.

*optionmonster seem to have given up on their daily VIX updates, either due to lack of interest..or simply because there is little to be said about the VIX these days.

time for lunch.