Friday 3 January 2014

3pm update - minor chop into the weekend

The sp'500 looks set to close the week in the low sp'1830s, a weekly decline of around -0.5%. The metals are holding gains, Gold +$13, whilst Oil ends the week..weak, -1.6%. There is sig' QE-pomo next week, bears face the usual problems from next Tuesday onward.


sp'60min


sp'weekly8


Summary

A short week, but I'm kinda tired...just one hour to go!

Sp'1835...hmm....surely we won't close in the 1840s?
-

3.07pm.. UAL breaks $40 for the first time since Feb' 2008.  Next target is $48..a clear 20% higher.

happy flying!


3.14pm  sp'1836..a close in the 1840s would be something of a surprise, but then..underlying pressure remains up...and is exactly why I won't be meddling on the short-side until the spring.

Notable strength: UAL +6.0%, so far..hitting $40.05.


3.25pm.. VIX -4.5%...showing a fearless market..doesn't bode well for the bears holding short across the weekend.


3.41pm.. underlying MACD cycle is set to go positive in 1-2 trading hours..and frankly, I'd not be surprised if we open Monday in the 1850s.

Certainly, it looks a seriously risky situation for anyone to hold short across the weekend, with downside, at best..maybe 1812/10..if not only 1820/18.


3.56pm...chop chop..as expected........ back at the close.