Tuesday 1 April 2014

10am update - awaiting new highs

US equities open moderately higher (why wouldn't they?) for the 8th consecutive day, and it seems just a matter of when we break new historic highs. VIX remains crushed in the 13s, but is offering an opening reversal candle. Metals are vainly trying to build small gains, Gold +$1


sp'daily5


vix'daily3


Summary

*I remain short, but I'll get the boot, if >1883/85 or so. There sure won't be any point holding beyond there.
--

sp'1882...with Transports similarly close to breaking a new high >7627.

Dow just 40pts shy of breaking a new high...
-

I just don't see where the downside is going to come from here. Bears look toast, and I'm about to be short-stopped.


10.06am... sp'1884... new highs....rest of the market will surely follow.

VIX -4% in the 13.30s...the 12s look due.
-

10.13am.. Well, my core block of SDS has come within 1 cent of being hit....I don't see it holding.

Barring a complete reversal back to 1870....with a red close...this is just another failure.

Oh well...


10.28am.. Looks like the momo chasers are appearing, the R2K is really on the move, +0.8%..playing catchup after last weeks 3.5% drop.

More than anything right now, I just don't see how the bears can turn this around now. We have jobs data across rest of the week, and market will likely take that as a positive either way.

After all, if jobs <150k...the Yellen monster might even delay taper, right?
-

**I was kicked out of my core short block.. with SDS breaking <28.00.


10.41am.. sp'1882.. I wish the market would break new highs for the Dow, Trans, etc..and get this over with!