Wednesday, 30 July 2014

11am update - morning reversal

US equities have seen yet another reversal - much in the style of yesterday. Yet.. it is the typical turn time of 11am, with price action that remains nothing particularly bearish. VIX is relatively subdued +3% in the 13.60s.




*opening reversal candle on the VIX... so.. for those who are bearish...I can kinda understand if you're getting excited right now

Well, its another day where the minor waves are at least keeping everyone awake.

Typically..we'll turn around 11am... so...lets see....

Notable strength: TWTR +21%, but only in the $46s.... a long way below the AH high in the $51s.

11.05am.. need 1970 to clarify a turn... until then.. threat of 1962/60....

Regardless.. none of it changes the bigger outlook.

11.10am... where is my spike floor?

*metals remain weak ahead of the next QE taper... Gold -$7.

11.17am.. provisional spike floor of 1963...still need 1970s... to clarify a turn.

11.23am.. almost clarified a turn.....

Bears had a bonus opportunity to exit after the GDP data.... there can be no excuses later this week.

11.40am.. still no clear turn...quite yet... sp'1967... need the 1970s.