Wednesday, 28 January 2015

3pm update - resolutely bullish

US equities have marginally taken out the morning floor (although not on all indexes).. with sp'2017 and VIX 18.85. Hourly cycles remain on the low/exhausted side, and there remains high risk of a Thursday snap higher. Metals remain weak, Gold -$9, whilst Oil has broken a new cycle low of $44.08, now -3.1%




*I'm pretty adverse to labelling/counting any of today's nonsense, not least since it is a fed day, which are notoriously unreliable.

So much for the 2019 low holding... oh well.

In any case, price action is still far stronger than yesterday, and as a few recognise, there remains the relentless threat of new highs in the very near term.

yours... resolutely bullish. (you can call it whatever you want, but I can't short this madness, with the monthly cycles still pushing upward).

updates into the close..........

3.20pm.. new cycle low 2014.. .approaching (arguably) support around 2012/10.

Certainly... no sign of buyers yet... Hmmm...   VIX 19s.... a daily close in the 20s would be a real surprise.

3.36pm.. sp'2008... VIX +14% @ 19.65.... hmm....   things are getting more interesting.  Even AAPL is cooling, now +6% in the $115s

FB +0.9%... ahead of earnings.. due at the close... will be one to watch... with implications for TWTR (-3.9%)

3.41pm.. Rats getting washed out now... sp'2005... VIX 20s

Momo stocks and energy... really having major problems this afternoon.   FCX -5% in the low $17s.

3.48pm.. A pretty NASTY hourly candle.... sp'2001... the giant 2k threshold in imminent danger....

To those who were short (for whatever reason)... congrats...  I sure read this one wrong.

... back at the close.. to wrap up the day.