Monday, April 29, 2013

Can't Touch This: SPY 159.65 Rejection...


Swords continue to thrust and the Battle of Trading Egos is intensifying as my SPY puts at 154 and 155 get burned to the ground.  

The bulls can continue to wear their rose-coloured glasses, but during the final few minutes of trading, 6 figure blocks of selling on the SPY resulted in a rejection of the 159.65 level, and the bulls once again failed to drive the market above the previous SPY 52WH formed at 159.71.  

At the same time, VIX has found a new level of support just above 13.  If there is indeed cause for celebration, DJT would be overtaking its previous high of 6292 and VIX would be back at around 12, but we remain at DJT 6150 and VIX 13.77, indicating signs of caution!


There is no shortage of economic data this week:

Consumer Confidence & Chicago PMI on Tuesday

Bernanke will be centre stage on Wednesday with the FOMC Statement whilst ISM Manufacturing PMI and ADP play second fiddle

ECB, US Trade Balance, US Unemployment, and US Challenger Job Cuts on Thursday

Non-Farm Pay Day, Unemployment Rate, and ISM Non-Manufacturing PMI on Friday


+1.10% SBA (thanks to LYG calls)
+0.81% Roth IRA

+0.72% DJIA
+0.85% Nasdaq
+0.72% S&P 

+0.49% FTSE
+0.54% Eurofirst
-0.30% Nikkei
-0.75% Shanghai
+0.52% SENSEX

+1.37% WTI
+0.61% Brent
+1.13% Gold
+0.82% Copper
+6.60% Corn

+0.56% DJT
+0.81% VIX



No comments: