1pm update - Friday target remains 1300/1290

The trend continues to look mighty fine for the bears. Those bears who somewhat boldly went short in the sp'1330s yesterday should be very pleased with themselves today, and should feel confident of further declines to come tomorrow.

The bigger cycles are currently almost fully back on track, I still would prefer a June monthly close of sp<1305.


sp'60min H/S

vix'60min

Summary

Quietly confident. I'm in no rush to exit at these levels.

A Friday exit at 1290 would make for an especially nice third post-FOMC short trade.Thanks for no QE3 Benny, you sure made things easier!