sp'60min
vix'60min
Summary
The VIX has broken into the 18s, taking out the Wednesday high.
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Indeed, the VIX has been a lot stronger than I had expected - along with weaker indexes. Perhaps we'll only see a pull back into the 15s.
Regardless, I'm very content to sit on the sidelines, and wait for a bounce.
Bears.....arguably need to be patient, and wait for a better entry level.
*Only the Dow and Transports are yet to break the recent lows. Those still seeking upside, thats really the only sign left that this is not an actual major fail.
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I won't be chasing this though, even if tomorrow wasn't opex.
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3.05pm Bulls need to get >1545, to escape the current down channel. Thats clearly possible by the close. VIX in the low 18s, +9%...hmm
3.20pm..we're due another up cycle on the small 15min...
Bulls just need to break >1545..to escape the down channel. VIX is cooling down..again
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3.30pm... Ending diagonal ?
Whatever it is, I ain't short, ahead of tomorrows opex!
3.34pm...okay, here is the thing, we're only talking about 25/30pts upside here, so I'm not proclaiming 'moon ramp', but as an options play, they'll whack 35/45% off the puts from here.
high risk for bears holding overnight.
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back at the close.