The market appears like it has put in a floor, and we'll crawl upward for the next 2-4 hours, probably at least until 2pm. The bears -those holding across multiple days have a problem in that the 60min cycle could trundle upward into Tuesday, and there is still a possibility of 1370/80 later this week. Considering that it is opex week, and we have the Facebook IPO, a latter day ramp is very much possible.
SP'60min, count'1
VIX'60min
For me, the big issue is going to be where the VIX next floors. Will it break back below 20, or can it hold 20, and then a further surge to 24 in the next day or so?
I remain holding Long, but will certainly be looking to bail around 2pm, I do not wish to hold overnight.
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Time for lunch !
