Monday 29 September 2014

1pm update - latter day weakness?

Having bounced (somewhat disturbingly) from sp'1964 to 1979.. the indexes are again seeing renewed weakness. For those equity bears seeking a key Alibaba top... the targets are clear, a daily close in the mid/low 1960s, with VIX in the 17s.


sp'weekly8


Summary

*after this mornings bounce I'm somewhat adverse to highlighting the smaller cycles. Weekly chart remains on SELL.

Without question, for the serious 'big money' out there, short-stops would be around last Friday's high of 1985.

Any move into the 1990s this week, and its white flag time. I hope it doesn't come to that. I'm tired of the low volatility..its frankly boring...and I think even the permabulls would dream to be buying 15/20% lower within a few months.
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So...3 hours to go..lets see if the bears can show some downside power...


1.30pm.. VIX holding moderate gains of 7%.... nothing special.... the only good thing for bears is we did see 17s at the open.

The remainder of the day...pretty critical.