Thursday 21 August 2014

10am update - still pushing upward

US equities open a little higher, and a new historic high in the sp'500 looks likely in this hour. There is moderate weakness in the two leaders - Trans/R2K, and that is offering an early warning about post Jackson Hole weakness.


sp'60min


R2K, daily


Summary

*Metals remain very weak, Gold -$14
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As even the maniacs on clown finance TV recognise, today the market will largely be in a holding pattern until tomorrow....where we have Yellen at the hole.

On any basis, it seems completely point to attempt any index shorts.. not least since we also have sig' QE this morning.
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VIX is acting twitchy...a strong reversal across just a few minutes..from -2% to +11%.....

10.01am... something crazy is going on VIX land.......

5min


Eyes on that VIX !


10.03am.. and the VIX collapses... back to 11s.... Crazyyyyyyyyyyyyyyyy.


10.11am... So.. a fractional new historic high in the sp'.. but the action in the VIX sure is makes for some curious action.

R2K...borderline sig' declines... -0.9%... in imminent danger of losing the 200 day MA.


10.27am... VIX turns red... indexes pushing higher... even the R2K looks to be flooring.

So... rest of the day...upward melt....ahead of Yellen.