Tuesday, 18 February 2014

2pm update - afternoon chop

US indexes remain somewhat mixed, with a borderline significant gain of 0.9% for the R2K, whilst the Trans is weakest, -1.2%. VIX continues to hold minor gains of 3% in the low 14s. Metals clawing higher, Gold +$5



Hourly MACD (blue bar histogram) cycle is already negative, and will be close to flooring in the near term. There is clear viable upside across Wed/Thursday..into new historic territory.
Considering the price action, and with a heavy QE on Thursday, it would seem it is just a matter of whether the next major up day is tomorrow..or Thursday.....rather than 'if'.

2.27pm..the chop continues. Eyes on the VIX. A red close is still possible, which would be the 8th daily decline.

UGAZ +13%, hmm