3pm update - patient bears

The market is holding moderate gains on all the main indexes, with the sp' breaking into the 1590s just earlier. Bulls should be content with any close >1585, with the VIX set to close -8/11%. Further equity upside looks likely early Wednesday.


sp'60min

vix'60min

Summary

The VIX in particular is right on schedule, with a gap-fill seemingly now imminent.
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*I will stay on the sidelines overnight, but will launch a full short of the market early tomorrow, seeking a move down to 1550 by the Friday close, although the bigger target remains the lower weekly bollinger..currently @ 1495.


UPDATE 3.33pm.. sp'1592..well, now the bears will be getting real mad..and are clearly getting short-stopped out.

Further upside as high as 1605/10 looks very viable early tomorrow, and  that will arguably make for a superb re-short level.

Worse case upside is 1625 gap-fill zone, but I can't imagine that right now. I think we fill that gap in late July/August.