Thursday, 8 May 2014

2pm update - increasing chop

A minor down wave in the broader market, but especially so in the weaker R2K/Nasdaq, with the R2K sporting a major reversal of earlier gains. VIX remains fractionally red.

R2K, daily


Suffice to say, the weakness in the R2K is interesting, but the broader market is still holding together.

Notable weakness: TSLA

Considering earnings...those on the long side have a right to be bemused at the markets response. Looks like we are seeing a test of the 200 day MA.

2.12pm.. sp'1878..and we should be finding some support here.

The R2K/Nasdaq daily charts sure look pretty ugly, but with the VIX +0.5%...I can't take any bearish case in the near term seriously. trying to floor at 1876....with a VIX that is barely green.

2.30pm.. Looks like we a pretty strong floor...1876...even the R2K is trying to turn upward.

Notable strength: Ford, +2.6%

2.46pm.. so much for the floor...continuing weakness, and the R2K is due to lose 1100 again..hmm