12pm update - yet more weakness

Market continues to struggle, and is now just 4pts away from my original primary target of sp'1345 VIX is slightly higher, but it certainly is nothing 'explosive' yet.


trans'60min

vix'60min

Summary

So, we've broken into the sp'1340s. The bulls must be getting annoyed now. VIX is still way below the important 20 threshold. I can't see that being hit for some days, maybe even until next month.

I remain a mere watcher, I can't be part of this.

time for lunch, back at 2pm
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UPDATE, a very interesting video referred to me by a trader...

Yes, its from clown network, but still, worth a view...



If he gets fired or 'disappears' next week, we'll know why. ;)
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UPDATE 12.30pm  Dow, to test the lower channel ? Its about 100/125pts 'to go'

That would probably equate to sp'1340/38...later this afternoon

UPDATE 1.30pm Transports trying to break higher again. Very risky time for anyone still short.

11am update - chop higher into opex?

Market is still showing a little weakness, but its nothing significant, and the VIX is still red. The transports continues to show the cleanest waves, and is suggesting we battle (slowly) upward into Friday afternoon.


Trans'60min

SP'60min

Summary

Its choppy, that much I think everyone can agree on.

I'm not quite sure what to guess for sp' by the Friday close, but somewhere around 1365/70 seems viable. However, since its opex, we could even go a little higher, as the market makers try to erase as many puts as possible.

So, I'm going to sit it out until Friday afternoon, where I will look to re-short into the weekend, and seeking a wave'5 on Mon/Tuesday, to hit 1345/40, before a thanksgiving/holiday bounce.

back at 12pm
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UPDATE 11.15am  We're seeing another bit of weakness. Its a very tricky area to be trading though, I won't be part of it.  We could easily drop to 1345/40 at any point, or merely crawl higher to 1365/70.

I simply won't be part of this. Transports still says we're due an up wave into tomorrow.

10am update - shaky market

Mr Market is still a little shaky, and once again we've seen opening gains vapourise in the opening 30 minutes. Its possible we'll hit my original primary target of sp'1345/40 within the next few trading hours.


Trans'60min

Sp'60min

VIX'60min

Summary

I'm leading with the transports index this morning, since it has the cleanest waves lately. (I wish I was watching it yesterday).

Tranny is suggesting we are close to completing black'3, and will soon be going UP for two days, into the Friday close.

So...as things are..I'm looking to wait for a re-short until later tomorrow.

Best guess..sp'1365/70 by late Friday. I suppose we could be a bit higher than that, but regardless, I sure don't feel like hitting any buttons right now.

updates...as necessary.

10.04am lousy phil' fed number -10.

Transports is resting on the lower channel line, with sp'1352.. thats probably it for this wave.

I sure ain't going long though, and it sure it not the place to be short.