The market has seen some interesting weakness, but appears to have likely floored for the day in the typical turn time of the 11am hour. Bull maniacs should be seeking a weekly close in the sp'1875/80 zone, with VIX back in the 13s. Metals are starting to slide, with Silver fractionally lower.
sp'60min
vix'60min
Summary
I think we have a floor, but there remains risk of a secondary wave lower into the close - although weekly charts argue against it.
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So...I'm long, and I still have ZERO intention of meddling on short side for some time.
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VIX update from Mr T
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time to cook
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12.20pm..RIG looks a little toppy on the smaller cycles..I'm on a huge gain...seeking to get stopped out...at 43.30.
12.22pm.. KICKED from long- RIG.... frankly, a great gain to end the week. Will probably pick up again next week.
Friday, 25 April 2014
11am update - continuing weakness
US equities are lower, but nothing 'significant yet'. Any break <sp'1860, will offer the best bear case of a gap zone fill around 1845. Metals are holding moderate gains, Gold +$8. VIX is higher by 8%, but that amounts to the 14.40s - not exactly 'market fear'.
sp'60min
Summary
We're now at the typical turn/floor time of 11am..so lets see if the bull maniacs can turn this around, and battle back into the 1870s by 1pm or so.
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Notable weakness, AMZN -9% at $304. If the 300s are lost, then 260/40, but that would be something of a surprise.
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VIX is trying to make a break for the low 15s
sp'1845 wit VIX 15s..and then a turn?
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11.07am... VIX +9%...seemingly headed for 15.25 or so...with sp'1850s.
11.27am.. market trying to put in a spike floor... bears...beware!
*notable strength in the Oil/Gas service sector...RIG already green, and set for the 44/45s.
sp'60min
Summary
We're now at the typical turn/floor time of 11am..so lets see if the bull maniacs can turn this around, and battle back into the 1870s by 1pm or so.
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Notable weakness, AMZN -9% at $304. If the 300s are lost, then 260/40, but that would be something of a surprise.
-
VIX is trying to make a break for the low 15s
sp'1845 wit VIX 15s..and then a turn?
-
11.07am... VIX +9%...seemingly headed for 15.25 or so...with sp'1850s.
11.27am.. market trying to put in a spike floor... bears...beware!
*notable strength in the Oil/Gas service sector...RIG already green, and set for the 44/45s.
10am update - opening moderate weakness
US indexes are seeing another bout of moderate weakness, with the support zone of sp'1875/70 marginally broken. Equity bulls should push higher into the late afternoon, for a weekly close in the 1880s. Metals are holding moderate gains, Gold +$8.
sp'60min
Summary
*I picked up a third long position, STX, from the 53.50s. Seeking a provisional exit in the 57/58s, and will thus hold across the weekend.
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So..a little weakness, but still...I just don't see any significant power on the downside.
With 2 sig' QE next Mon/Tuesday, bears face problems into Wednesday afternoon.
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Notable weakness, OPEN -3%...having broken the floor yesterday.
A look at AMZN...
AMZN needs to hold the $300s, or next level is around $260/40 zone. I guess the notion of PE 300s is not exactly enticing many today. Shame.
10.22am... market stabilising, and bears are in trouble again.
sp'60min
Summary
*I picked up a third long position, STX, from the 53.50s. Seeking a provisional exit in the 57/58s, and will thus hold across the weekend.
--
So..a little weakness, but still...I just don't see any significant power on the downside.
With 2 sig' QE next Mon/Tuesday, bears face problems into Wednesday afternoon.
-
Notable weakness, OPEN -3%...having broken the floor yesterday.
A look at AMZN...
AMZN needs to hold the $300s, or next level is around $260/40 zone. I guess the notion of PE 300s is not exactly enticing many today. Shame.
10.22am... market stabilising, and bears are in trouble again.
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