For the bears, this is again sickening, but to be expected.
*one amusing thing I've noted, I've seen many analysts tout 'bold predictions of sp'1600 by 2014/15. Yet..at the current rate of trend, we'll be sp'1800 by end 2013. With the Bernanke and Draghi out there, how come the bulls seem to be ignoring the rate of trend?
sp'60min
sp'daily5
VIX,daily
Summary
Its quadruple witching opex, and we have a rebalancing of the sp'500 today. I honestly don't quite understand why there is so much doomer chat out there about these two aspects.
The chances of a reversal to the downside seem small. Considering the recent few days, and the style of recovery yesterday morning, looks like we're headed up to new highs.
The one solice for the bears, the VIX daily cycle is a touch higher, despite the index gains, but that matters nothing if we start breaking new highs next week.
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back at 12pm