Sp, monthly scenarios
VIX, monthly scenarios
Summary
The bulls have seen the turn higher they desperately needed. If July can close positive, even just a little, then index scenario A' would appear likely, even though that would be even more twisted an outcome than the previous summer ramps of 09, and 2010.
Yet, if this ramp stalls in the next few days or so, then there is no reason why the original target of low sp'1100s is still not viable. The bears probably do need a major catalyst though to kick things off, I'm not sure if the market will really care what the jobs number is this Friday
If number bad....'QE3 is coming...its all great!' yes?
If number good....market ramp will ramp on 'further good news'.. yes?
I suppose its possible we're back to that kind of shameful and sick market. It seems the delusion that 'everything is gonna be okay' still persists 90% of the time within the minds of most.
We do have some econ-data tomorrow and Friday, so it will at least be marginally more interesting than the graveyard session that was Tuesday.
Goodnight