Whilst the market is cycling lower on the micro 15/60min cycles, the Bernanke continues to be some reasonable entertainment. There is no doubt QE3 is coming, but..as others also recognise, it can't happen until this market is significantly lower..sp'1100.
The notion that later this month the Fed will initiate new QE, is nonsense talk. The next date would be early August, and unless sp'1100, I can't see them doing it then either.
*the hourly 10MA of 1309 is now first line of support.
Nothing much else to add, aside from the issue that some bears will doubtless be chasing this move lower..and will get burnt in the next wave higher. There is NO reason why market will not continue higher from here.
I see a lot of people talking about an ES target of 1332 - which equates to sp'1338...I can't see any reason why we'd get stuck there either. This nasty market is going higher...target 1350/60 within 3-5 trading days.
**VIX with a reversal candle, but I'm guessing its just a tease to the bears.