After a moderately messy open, equities are still leaning to the upside. The gap zone of sp'2038/43 remains a natural target before the bear market rally from sp'1810 concludes. VIX remains extremely subdued, -4% in the 14.40s.. pretty incredible.
Well.... there remains ZERO downside power.. and hence we're back to algo-bot melt mode...headed for 2038/43. Whether we'll see 2050/60s as some believe... difficult to know.
What is clear.. we're due a retrace to the 50dma before end month.
notable weakness... TVIX, daily
Not surprisingly, as the market continues to grind upward, the leveraged VIX instruments are continuing to melt lower. TVIX is well within my target buy zone, but I ain't touching anything at the moment.
Here in London city...
Rather nice indeed. Spring can often be short, and summer might be a mere 5-6 weeks away :)
Time to cook !