The market is holding minor gains, but the underlying weakness of the past few days is still there. VIX is still fractionally higher, and is reflective of the uncertainty across the coming weekend - not least from the Crimea vote. Metals are holding significant gains, Gold +$13
Considering the price action, I'm more closely watching the smaller cycles than usual.
There appears high likelihood the indexes will roll over again today, and the next obvious target remains the key low of 1834.
So..a short in the 1850/55 zone looks a 'reasonable' entry level, and I'm strongly considering it..as the day proceeds.
Notable weakness: DRYS, -1.7% @ 3.47... and that is a very sig' weekly decline of -12%.
11.11am.. VIX breaks a new cycle high..and we look set to test 1834...
It'd seem 1852 was the bounce high...and looks like I missed a chance to re-short..oh well.... I'll catch a bigger bounce...next week.
11.25am.. 1840... 6pts to hit what might be a key neckline.
If that fails...then its the 50 day MA at 1828.
Regardless...who wants to be going long into the weekend? Urghhhhh
VIX +6% in the 17.20s.... I still think 20s NOT viable until after FOMC..if not April.
11.44am.. we're seeing a kick from 1840 to 1847....not sure why..