Keybot the Quant remains long. The algo is now tracking volatility, copper and financials as the priority areas most impacting broad market direction; VIX 14.67, JJC 39.97 and XLF 20.00, respectively. Copper is weak in early trading this Tuesday morning, down about -1%, so this would push JJC from the current print at 40.54 down 41 pennies to about 40.13 nearing the 39.97 bull-bear danger line that would create market negativity. If the bulls can keep VIX under 14.67, and JJC and XLF elevated above their levels of interest, equities will float higher. Markets will sell off if any of the three parameters turn bearish and the negativity will increase if 2 or all 3 turn bearish.
For the SPX starting at 1702, the bears have the easy road, only needing to drop under 1697 to accelerate the downside to 1691 in a flash. The bulls need to push up through 1711 to accelerate the upside. A move through 1698-1710 is sideways action.
9/24/13;
10:00 AM EST =
9/23/13; 10:02 AM EST
= +65; signal line is +32
9/23/13;
9:30 AM EST = +49; signal line is +29
is the XLF number correct at 40.00?
ReplyDeleteNope Verdo, it should be 20.00, typo is fixed. Danke.
ReplyDelete