1pm update - bears in trouble

The market continues to build moderate gains, with the sp' a mere 2pts from breaking the recent 1874 high. Equity bears are clearly in trouble again, and unless we reverse from this level, there is empty air to 1883..and then the low 1900s. This afternoon is going to be real important.


sp'60min

Summary

Well, so much for the bounce completing at 1867..with a break into the 1870s..we're right back to yesterday's level.

For those that wanted to 'short a bounce', this is obviously a straight forward trade, with a short-stop..somewhere in the 1875/85 zone.
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*I remain short, but I'm going to get kicked out of my core position, if we break >1875.


1.11pm.. Small consolation, but the old leader - Transports, is still marginally red, -0.1%.

If Mr Market is just trying to wash out all the weak bears, before a new wave lower, its doing one hell of a good job.