Wednesday, 27 August 2014

11am update - due another up wave

The best the equity bears can seemingly manage was sp'1997... a fall of just -0.2%. Hourly cycles are offering another up wave into late Wed/early Thursday. The only issue is whether a revised GDP will be enough to shake a few of the bulls out, ahead of the long weekend.



Another day closer to the long weekend, and volume is no doubt ever lighter.

Upper bol on the hourly is 2007, so there is viable upside to new highs.

VIX remains stuck in the 11s.

Notable weakness, GRMN, -3%,

SDRL -3%... although RIG is already back to positive +0.4%

11.28am... for those watching... SDRL offering a spike floor this hour... above the opening low.

Regardless, its real annoying. The $38s look a fair way higher.