Keybot the Quant remains bullish. The bulls send markets higher after pushing utilities higher a couple weeks ago (UTIL), then semiconductors, remember the drama with SOX a few days ago, then with commodities where GTX failed at 4785 only to recover and now catapult over 4900. These bullish moves send the SPX to new all-time highs and brings the markets to a battle of copper versus volatility. Copper is strong the last couple days after China pledges to maintain high growth rates. JJC moved above the 39.02 bull-bear line today but then closed below remaining in the bear camp. It is surprising to see the SPX sustain today's move even though copper leaked lower. For tomorrow, same-o deal, bulls need JJC 39.02 and bears need VIX 14.26.
For the SPX starting at a new all-time high at 1707, the bulls need to touch the 1708 handle and it is off to the races higher once again. Typically after a big up day, or down day, markets will tend to move sideways to absorb some of that power. The bears need to retrace the big up move and push under 1690 to regain their mojo. In these markets, anything can happen. A move through 1691-1707 is sideways action. Keybot prints a pre-scheduled number tomorrow morning before the opening bell so the action can be updated at that time. Despite the euphoric rally, the algo number is only one-point from the signal line. Markets remain erratic, unstable and are not to be trusted.
8/2/13;
9:00 AM EST =
8/1/13; 11:18 AM EST
= +49; signal line is +48
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.