Thursday, 8 May 2014

3pm update - messy afternoon

US equities are seeing some increasing weakness into the late afternoon, with the R2K remaining an especially weak spot, lower by around 1%. Despite the chop/weakness, the VIX is only marginally higher, +2% in the mid 13s.


R2K, daily


So...a bit of a choppy afternoon, but still...the broader upward trend is most certainly intact.

*I remain long via CHK, DO, and STX, and will be seeking to drop at least one of the first two by the Friday close.

Regardless, today has been okay............updates into the close....

3.06pm.. RIG approaching next support of $41.50.... an intraday swing of far....

3.08pm.. CNBC wheel on the ultimate contrarian... Gartman....who is turning bearish again, lol

Now the equity floor is in around 1871 ?  ;)

3.16pm... Market starting to level out...and what is most notable.. the VIX which continues to lack any sig' upside kick. Equity bears just aren't seeing anything significant in the main indexes.

Sure the R2K is -1%..from earlier +0.8%, but overall ...the broader market is holding together.

3.22pm.. RIG -4.1%..a full $3 below my opening exit.....a test of the 50 day MA in the $41.30s looks imminent..or at the Friday open.

I will strongly consider picking up a small RIG-long the Friday long as it can hold the 50 day !

3.28pm.. market again trying to stabilise..although notable weakness still in many stocks...RIG, TSLA

RIG sure is a tempting target right now..but I will refrain...and see how it opens tomorrow.