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Global Outlook

Bouncing Anvil

August 14, 2014, Thursday, 21:59 GMT | 16:59 EST | 01:29 IST | 03:59 SGT
Contributed by eResearch


So far, the test of support near SPX 1900 has all the spring of lead. This is not encouraging because it means a continuation of the theme we talked about last week: big players watching and waiting as they slowly exit more positions than they are adding to.

But my indicators tell me that even as we appear due for a fear-driven plunge into deeper support below 1900, it will cause a spike low and reversal as many weak hands fold and cash-flush buyers step in.

And the VIX at DEFCON 3 (or 16+), is telling us it could soon jump to 20, which would probably coincide with another 2% drop to SPX 1880. From there, the 200-day moving average is only another 1% away. Have your buy lists ready for that drop if it comes.


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