Friday, 18 July 2014

2pm update - afternoon opex chop

US indexes are a little below their intraday highs, but still... the short term down trends have been decisively broken (not least in the R2K), and the underlying strength is pretty clear. Metals are weak, Gold -$10, whilst the VIX is crushed, -15% in the low 12s.



There is not much to add.

What is pretty incredible is that some of the indexes are set for net weekly gains. If were you reading around the various finance sites yesterday, you'd have probably assumed this was a pretty poor market week...

but no.... the reality is that the broader upward trend continues.

Update from Riley


*I am content to stay on the sidelines, having failed to see a minor down wave this morning. I'll merely look to go long on the next hourly down wave...which could indeed be on Monday, but I don't expect any new lows.

stay tuned!

2.30pm Even to me, sp'1977 today is kinda stupidly strong.

Oh well, it is what it is.

Been through it a hundred times since doubt.... we'll go through this again...many...many more times.