Wednesday, 22 January 2014

3pm update - chop into the close

The US market is likely to see continued minor chop into the close. Primary support in the immediate term remains sp'1815, but we seem to be holding the 1840s pretty well. Upside into the 1860/80 zone looks very probable by the next FOMC of Jan'29



There really isn't anything much to add.

Certainly, the bears have nothing to get hopeful about, since we broke new historic highs in the Trans/R2K earlier today.

VIX is merely in trundle mode, stuck in a tight 14/11 range. The 20s sure don't look likely for some very considerable time..perhaps even some months.

Stock of the day...UAL, +2.2% in the low $49s.

3.27pm...Underlying strength..clearly there.  

Earnings at the close ... EBAY, NFLX... the latter of which will probably snap sharply....

Downside to 300/280...or upside to 360/ is a damn tricky one to guess. Good for entertainment purposes though...

back at the close...on what has been a somewhat tiresome day.