Wednesday, 30 July 2014

10am update - opening gains

US equities open moderate higher, with borderline significant gains in the Trans/R2K. Metals are weak, Gold -$5, whilst Oil is rallying 0.6%. Equity bulls should remain in broad control for the rest of the week.


R2K, daily


So..will today be like yesterday, with a major snap lower around 11am?

If the Trans/R2K have indeed floored..then the rest of the market will be fine.

I'd like to see the R2K break 1160s by tomorrow...with 1170s for the weekly close.

Some rather wild opening price action in GRMN - having had good earnings, swings from +9% to -5% within a few the rats sell a double top @$62.

*fed at 2pm...but no surprises likely there... just another QE taper.

10.02am.. micro down wave...equity bears getting another chance to exit....and likewise...anyone not already long...opportunity to go long here.

There is NO significant downside power.

10.08am... Bears getting a chance to exit... it is surely just a minor down wave.

Price action is the SAME nonsense we've seen for many months.

Micro 5/15min MACD cycles..both very close to flooring.

What a bonus for the bears this morning...or those wanting to buy.

10.15am.. major spike floor...looks set to be made...bears...beware!

10.23am.. looks like 1969 was it.... turn is in.

Now its a case.. of breaking the opening high of 1978... and then 1984.

Bulls need to be patient today.

10.41am.. chop chop.... fast approaching the typical 11am turn time. 

10.45am.... nano snap....Monday low taken out...hmm

Regardless... 11am is usually turn time.....