Tuesday, 22 July 2014

12pm update - who wants to go long here?

US indexes are holding gains, with the Transports and Sp'500 both breaking new historic highs. Hourly cycles are a little toppy, with a VIX that looks floored in the 11.70s. Metals remain weak, Gold -$6.




So...we have two important new highs to recognise, and again it is a reminder of the broader trend.

There is viable chance of a rollover this afternoon, but really, the R2K and Trans would strongly argue against it.

To be clear... I can't stomach going long here...but I sure won't be short. Overly risky.

VIX update from Mr P.

time for some iced water