Thursday 2 October 2014

2pm update - bounce complete?

US equities have seen a bounce from sp'1926 to 1945. The broader trend remains very weak, and a move back above 1970 now looks unlikely for some weeks. VIX is a little lower, reflecting a market that is still not yet particularly worried.


sp'15min


Summary

*I'm considering launching an index-short this hour, but certainly...no longs for me unless 1910/00 zone.
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Lets see if we can churn out a mini-top around 2.30pm.

We have the jobs data tomorrow of course, but really, I just can't see that sending the market on some kind of major moon-shot.

The question is...

Why would sp'1926 be a key low? If no... then its a simple re-short this afternoon.


2.15pm  standing by for an index-short.... sp'1948..

2.19pm.. SHORT from sp'1947...... now its back to the waiting game.


2.30pm... It is typical turn time..... strong resistance in the 1950/55.