Having ramped 122pts across 12 trading hours, the market again looks vulnerable to at least a moderate cooling cycle. It is notable that VIX has already imploded from the 53s at the Monday open to the 24s. The 22/19 gap zone looks an easy target at some point.. along with the sp'2000 threshold.
It is a pretty disturbing thought, but I can imagine some traders have been resolutely holding short since the Monday and Tuesday lows of sp'1867.
Clearly, we're due a cooling phase.. but it seems crazy risky to attempt any market short in the near term.
*I remain content on the sidelines... eyes on AAPL.. but there seems no hurry.. not least as the weekend is already fast approaching.
2.27pm... sp'1989 to 1978..... kinda interesting, but really, I'd like to see the 1950s before I consider picking up another long position... and that looks difficult today.
VIX clawing upward... back in the 27s.. from the mid 24s.
2.31pm.. sp'1972.... next level is the early morning low of 1960. Hmmm