Thursday 24 July 2014

1pm update - afternoon upside bias

US equities remain moderately higher, with the sp'500 battling for a daily close in the low 1990s. Metals are significantly lower, Gold -$14, with the miners ETF of GDX, -1.8%. VIX looks set for fractionally red close.


R2K, daily


Summary

*I remain particularly focused on the R2K, since that is the one I am currently long. I am seeking at least a daily close >1160, anything >1165 would open the door to 1170/80 zone tomorrow... where I would exit into the weekend.
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Rest of the market looks set to just claw slowly higher into the weekend.

Clown finance TV are getting understandably overly excited at the looming interview between Liesman (such a great name), and King O... the interview (5pm EST) will focus on the economy/business.
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VIX update (somewhat late) from Mr T.


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stay tuned


1.10pm... and a micro snap lower... hmm.

1.20pm.. gap support on the R2K around 1150.

Here we go again.... on a day when the market broke a new historic high of sp'1991.... the top callers will be coming out again.

Utterly laughable that most are still getting hysterical over micro down waves of -0.25 to -0.5%


1.27pm.. with this micro down wave... market should be floored by the typical turn time of 2.30pm.

Regardless... I'm long, and I ain't concerned... not least on the VERY day when the sp' broke a new historic high.