Thursday, 9 January 2014

3pm update - further chop into the close, surely?

Considering the last 19 trading hours of price action, there is no reason why we won't see continued muted chop into the close - ahead of the big monthly jobs data. Metals are holding minor gains, Gold +$3, whilst Oil is -0.7%




The daily chart is offering a possible bigger ABC decline..with the morning peak of 1843..the B.

Regardless. baring a break <1812/10....the primary trend is absolutely still bullish.

*As for tomorrow...worse case for the bulls...a brief washout to the 1820/18 zone...before a multi-day ramp across next week.

A lot of pretty strong individual moves today, its been kinda difficult to just select a few...I'll cover the miners a little more in detail after the close on the Fair Value page.

UAL still cooling down, +7.5%..but is still in the $44s..a huge gain since last week.


3.19pm.  sp'1839...a close in the 1840s would certainly open up the 1850s on a gap higher tomorrow.

Yes...there is downside still viable - to 1820/18..but the risk is towards the bears getting nuked. After all, the primary trend is UP.

Interesting latter day recovery in RIG, from -55 to +5...hmm

3.37pm...looks like we're going to see the indexes close broadly flat...although VIX looks set to close fractionally red.

All those buying VIX calls last month..utter waste of I thought. They'll be -20/30% just on the decay alone.