US equities are battling higher, with a target zone of 2085/90, and VIX set for the 14.25/14.00 zone. The Tuesday low of sp'2063 sure doesn't feel like a multi-day/week cycle floor, and there seems high probability of lower levels before the monthly close.
*I remain on standby to pick up another VIX-long position.. anything in the low 14s is arguably 'fine', not least after having exited from 16.10 yesterday afternoon. Typically, I'd like to wait until the 2pm hour.
Broadly, it shall remain the case that I'll want to be long VIX into early October... but I will trade in/out... to cash some profits.. when it seems wise.
This morning, the cheerleaders on clown finance TV sure did seem particularly concerned about a possible sixth consecutive net daily decline. All things considered, we do look set for a net daily gain... but the sp'2050s do look due to end the week/month.
Indeed... any monthly close under the 10MA (currently @ 2065) will be VERY important... but more on that issue later today.
VIX update from Mr T.
time for tea.. or something
12.07pm... .sp'2085... VIX 14.16...... the smaller 5/15min cycles are getting way maxed/floored respectively
Its getting real tempting at these levels.
12.14pm.. I am LONG VIX from 14.15... with sp'2084.
All things considered, that seems a reasonable level.
12.22pm... .. and VIX promptly drops into the upper 13s. with sp'2086. Oh well.... I ain't gonna worry.
notable strength: Oil +2.3% in the $48s... a one day bounce... in a broader down trend?