Despite the opening gains, we still have a bear flag holding on the sp'500. The VIX is -3%, but is holding up okay in the 16s.
VIX, daily, rainbow
Hmm, so, opening gains, but certainly nothing dramatic. Considering the daily and weekly index cycles, it is arguably a shorting opportunity, at least for a day-trade.
*The earlier GDP Q2 (revised) of 1.25%, and Durable Goods Orders of -13.2%...truly beyond dire. Clearly, the Fed believes the US is now in recession in Q3, and thats why it initiated QE3.
VIX rainbow chart, still a green candle despite the opening declines, trend remains UP. I am most certainly looking for a brief spike to 18/19 either late today, or tomorrow.
I hold to my original target of 1420 by the Friday close, and look to exit there.
back at 12pm