- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......
- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE
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Monday, 13 February 2012

Greek Fires

The Greek Parliament passed the austerity measures required for the Eurozone rescue yesterday night, and the spontaneous street celebrations in Athens are showing that, for the moment at least, the greek public seem to be solidly behind the deal, even if those celebrations seem a little over-exuberant by non-mediterranean standards. It's reassuring to see however that the greeks are united as they undertake a program of austerity and reform which might well prove overambitious for a more weak and divided nation:
120213 Athens Burning
Overnight equities have strengthened and USD has weakened in response to the greek vote. On ES
I'm now looking at a possible double-top with Friday's low as the base/neckline. We might see a slightly higher high,though from the SPX chart I wouldn't expect to see that much over the 1360 area:
120213 SPX 60min Trendlines
EURUSD and GBPUSD are both showing signs of making a short term high here. On EURUSD that's looking as though it might take the form of a double-top, and on GBPUSD that might do the same, though at the moment an H&S pattern on GBPUSD looks more likely:
120213 GBPUSD 60min HS Forming
Vix hit the upper bollinger band on the daily chart as I suggested on Friday and we might well see some retracement here. On the bigger picture Vix has now broken the giant falling wedge and if we are going to see a retracement on equities of any substance, it seems likely to be soon:
120213 Vix Daily Falling Wedge and BBs
Just a short post today as I have to go out shortly and will be out for most of the day. With ES at 1350 as I write, further upside today looks a bit limited, and I'm not expecting to see a gap and go trend day here. Overall SPX looks very close to an interim top, and I'm expecting the next big move to be downwards.

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