Tuesday, 6 January 2015

11am update - morning chop

US equities are seeing minor chop, which on some indexes is arguably a mere floor re-test. VIX is +2%, but not showing any real upside power. Metals are holding minor gains, Gold +$3. Oil remains very weak, -1.6% in the $48s.



*it is typical turn time of 11am... if the market is going to hold the sp'2017 floor. now would be the time to see a definitive secondary low put in.

So... rest of the day will be interesting. Can the market hold the 2017 floor... or another spiral down to 2000/1970s? I'm guessing... market will rally from either late today/tomorrow. Big jobs data on Friday.... its amusing how many seem to lose perspective so easily. Its like the majority only have a memory that spans the the previous 5-10 days... and nothing before that ever happened.

*I am long the R2K from 1176, will hold into Friday. Broadly, the 1250/75 zone looks viable in the next wave higher.. but that is clearly some weeks away.

11.17am... Well.. so much for the floor.... sp'2014....

Regardless... I can't.. and won't take ANY of this crap seriously.