12pm update - market back to drift mode

The main indexes are mostly a touch lower, but broadly speaking, we're now in the fourth week of trading between sp'1730-1775. Metals are mixed, Gold +$5, whilst Silver -0.5%. Oil is building gains of 1.2%. Near term outlook for the market remains...a bit of a mess.


sp'60min

Summary

Again, it seems the bulls are entirely unwilling to buy >sp'1775, but neither do the bears have any power on the downside.

The longer we just churn sideways, the easier it will be for the bulls to ramp into early December.

So..small chance of minor down wave (untradeable in my view)...before a push into the sp'1800s.
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VIX update from Mr T.



time for lunch :)
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12.36pm.. no doubt some short-stops are getting hit..and market is spiking  higher to 1770.

For the bears, it is simply another day of frustration, and the opening low of 1760 now looks a fair way lower..and not likely to be broken back under. 

11am update - no downside power, urghh

The main indexes are battling back, with the bears only able to manage brief declines of 0.5%. The two leaders - Trans/R2K, are already slightly green, and even without the QE, the bears are really looking weak again. Truly.. frustrating for those meddling in this.


sp'60min

Trans

Summary

Not much to say

This morning is exactly the reason why I will simply not get involved in trying to short this nonsense. Complete..waste of time, never mind the $.
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The Yellen monster will be the focus of attention tomorrow. Effectively, her job interview on live TV.

10am update - opening weakness

The main indexes are moderately lower, with the sp' set to break into the 1750s this morning. Bears will no doubt struggle, but there seems 'reasonable' chance with not much QE this week. Metals are seeing a dead count bounce, with Gold +$6. Oil is similarly higher, +0.6%


sp'60min

sp'daily5

Summary

I think the hourly/daily charts are both pretty much offering the 1730s in the near term. Certainly, it will likely take another few days to get there, but all things considered..'probably'.
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Notable early movers..

RIG, a touch higher, despite the weak market.
TWTR, -1%...a break <40 seems likely.

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10.29am.. opening black candle on the VIX hourly..tells the tale...of a fearless market.

Bears really struggling just to keep the market red.  I still think we'll trend 'somewhat lower', but as ever...it really is tough just to see declines of 0.5% for more than an hour, urghh.