Monday, 9 March 2015

2pm update - it is just a stupid bounce

The mild hysteria in AAPL (+2.0%) is helping the market build further gains into the mid sp'2080s. Regardless, price structure remains a clear bear flag, and the 2067 low still looks set to fail.. but clearly not today. Metals look vulnerable, Gold +$2. Oil is cooling from earlier gains, +0.8%.



A rather classic rebound day from the big Friday decline... but yes.. I'm calling it a bounce.

As things are... a daily net gain looks highly probable, to be followed with a new cycle low.. whether tomorrow.. or Wednesday.

Notable weakness: energy, CHK, -4.2%

.. the horror continues.. .especially when seen on the bigger weekly cycle.

2.30pm.. its typical turn time... equity bears need a daily close <2080 to break the bear flag... and open the door to 2065/50 zone within a day or two.