US equities are battling to push upward from the morning low of sp'1872 (with VIX 24.99). It would seem we've seen a natural retrace (from 1947) complete, with the market now set to claw upward to the 1970s.. despite Oil inventories, which are now regularly coming in around 7-8 million barrels a week.
*Oil +6.2%... utter madness... but then... so was last week!
I do understand why some are now getting seriously bearish (not least with price structure on many charts.. a big bear flag - as Oscar also noted).. yet the weekly charts still suggest to me to hold off for another week.
I'd feel a lot more comfortable getting involved once Yellen has appeared.. from sp'1970s.. with VIX 18/17s.
VIX update from Mr T
time for lunch :)