Tuesday, 21 October 2014

3pm update - holding gains into the close

US equity indexes look set to close significantly higher for the fourth consecutive day, with a likely close in the sp'1930s. VIX is confirming that once again 'everything is fine' according to Mr Market, -10% in the 16.60s.



Suffice to say... a tiresome day for the bears.

The only issue now is whether we put in a lower high.. or just keep on battling higher.

Considering the recent style of price action - not seen since 2011.. with VIX in the low 30s, I'm still looking for a lower high. Really though, bears need to hold the current bounce to the sp'1960s.

Any daily closes in the 1970s.. and it is surely white flag waving time.

Notable strength: the oil/gas drillers, RIG +3%, SDRL +6%, although both remain hugely under the summer highs.

back at the close.