Thursday, 8 November 2012

1pm update - bulls struggling

Market failing conclusively to hold above yesterdays lows. That opening mini-ramp to 1401 now looks a long way up. Despite the weak indexes, VIX is still red -4%, that is not a good sign for the bears. A late afternoon hyper-ramp (for no good reason) is very viable. Watch out for some stupid news-wires rumour to appear after 2pm.


sp'15min






VIX'60min


The VIX hourly may have found support on a very vague rising trend line, but...considering the indexes, it might well not hold.



Summary

Hmm, it sure is a weak market, and the 1400 level is clearly going to be VERY difficult to get a daily close above.
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I can't be chasing this lower, I'll wait for the next bounce...whenever that is.

Primary sp'1345 target remains my best guess, could be hit very early next week, before opex.
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UPDATE 1.30pm

More weakness, and now we've just about tested the 200 day MA @ 1380.

The weekly target of 1345 is a mere 35pts away,  Viable tomorrow or Monday.
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12pm update - trying to floor

Market is still battling to keep above yesterdays sp' 1388 low. VIX is -4% or so, even though the indexes are weak. That is not a good sign for the bears holding across the next few hours, in what may be a significant C' wave to 1405/10.


sp'15min



vix'60min


Summary

A tricky morning.

*Having exited @ 1392 earlier, I am again seeking a re-short later today, sp'1405/10, around 3pm or so.

I certainly wish to be short ahead of tomorrow, which might see a further major wave lower, at least to the 1380 level.

Keep in mind those bigger weekly cycles, which suggest at least a further 2-3% lower.

time for lunch !

UPDATE 12.30pm

SP' breaks the 1388 low from yesterday, but is back to holding over.
Indexes still look like they are going back to 1400, and even a nasty spike to 1405/10.

VIX is possibly a tell, very weak.

sp'15min - seeking a C wave UP.

11am update - minor wave'B ?

Mr Market fails to hold 1400, and slipped to 1390. However, this puts in a slightly higher low..and would make for a near perfect wave'B


sp'15min


Summary

*I exited spy puts @ 1992, a little earlier.

Seeking a full max-short, later at 1405/10..on any 'stupid bounce'.
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back at 12pm

UPDATE 11.10am

VIX'5min





VIX is toppy on the short term, I'd like to a few hours lower before re-shorting the indexes.
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* I seeking to re-short @ sp'1405/10 later today...prime time... 2.30/3pm