Friday, 3 October 2014

1pm update - on the edge

The equity bulls are on the edge of breaking the down trend... any daily close above sp'1970 will be more than definitive. VIX continues to melt lower, -10% in the mid 14s. Metals remain battered, Gold -$21, with Silver -1.1%.




The bizarre thing of course is that we're now a mere 2.5% from breaking a new historic high.

With 3 hours to go.... bears look on the edge of having to wave the white flag.

I guess the more bold could launch an index short around here, with a stop in the 1970/75 zone, but really, seems little point right now. VIX sure hasn't even levelled out yet.

Commodities remain weak, via the rising USD, which is soaring, +1.3%

Oil -1.4%, the break <$90 remains significant in my view.

Notable weakness: coal miners, BTU -4.9%,  gold miners, GDX -4.1%

1.07pm... sp'1969..... bears hold the line now...and crawl this a little lower into the close... or its.... over for this down wave.

VIX still failing to show any decent turn.

1.33pm.. sp'1967... still..... stuck.

Even if we close in the 1950s though, I won't be particularly calmed.