11am update - the 1900 threshold

Early gains have failed, and once again, the sp'1900 threshold is proving to be tough for the market to hold above. Despite the current weakness, price structure remains offering a bull flag, will need a daily close >1900 to confirm. VIX is relatively subdued, stuck in the 23/22s.


sp'daily5

VIX'daily3

Summary

I'm refraining from reading around today. I can well imagine the mild hysteria on the usual sites anyway.

The daily/weekly cycles do NOT favour the equity bears right now.

I realise some out there are looking for a straight run <1812, but I can't short with the current setup.
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notable weakness..

QCOM -6.2%

I like QCOM, but clearly, seems no point in getting involved (long side), not with high threat of lower indexes into the spring. Earnings were 85 cents, very reasonable, although rev' was -18.7%. Not great... but neither apocalyptic. Forward PE is around 10/9.

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Here in London city...

Its a little sunny, but today, summer feels some years away.
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time to cook...