Highlight of the day so far remains the strength of the VIX. There are really not that many occasions in a given trading year when both the indexes are +0.5% or more, and the VIX is green, maybe just 10 out of around 250 trading days.
The hourly index cycles are a real Bermuda triangle of problems right now. Is it a giant bear flag ? It sure looks like it on the sp'60min cycle. Yet with the break over 1330 this morning, urghh..its just tricky. Only with a break back under 1300 would I feel confident re-shorting.
We still have two important trading hours left of today. There remains a LOT of key econ-data this week to come - although ADP jobs data is out on Thursday - due to the holidays.Thur/Friday will be very dynamic market days.
*FB due to slip into the 28s, $9 down..just another $25 to go until 'fair value'