Tuesday, 7 July 2015

3pm update - clarifying a turn

US indexes cool a little.. but then see a rather sig' spike into the mid sp'2070s... a swing of 32pts from the morning low of 2044. VIX is reflecting renewed market confidence, -2% in the 16.70s.. a fair way below the morning high of 19.20. Metals remain weak, Gold -$12. Oil has recovered almost all of the earlier declines, -0.4%




Well... the morning low of sp'2044 is increasingly looking pretty clear... as also reflected in the VIX.

No doubt there will be more sporadic Greek headlines across this week.. and indeed the months to come, but.. for now.... the market looks floored.

*there remains threat of weakness early tomorrow.... and I will look to pick up INTC-long... if it opens higher... I simply won't chase it.

3.16pm... a little weak chop... but regardless of the exact close... a day for BOTH the bears.. and bulls.

No one can complain today... bears got plenty of opportunity to exit this morning... and bulls had time to go long from a much better level.

Yours truly will re-assess tomorrow morning at 11am... seeking an INTC-long... but clearly, anything <$29.50 looks unlikely.

3.32pm.. sp +13pts @ 2082....  38pt swing.. biggest of the year.