US equities have rallied from a morning low of sp'2052 to 2068... and are approaching first fib' level of 2072. Sustained action much above 2075 looks difficult. VIX has naturally cooled from 16.28 to the 14.80s. If sp'2040s by the Friday close.. VIX 17/18s remain a valid cycle peak target.
As ever... without getting lost in the minor noise, unless you are of the mindset that the market is headed to new historic highs... every bounce is to be treated as such.
notable strength: INTC +1.3% in the $29.30s.... and I'm glad to be out of that one.
*I will strongly consider picking back up a VIX-long block in the 2pm hour.... somewhere in the 14.75/14.50 zone. Anything under there looks unlikely.
back at 2pm