Regardless, we're getting the upside I was looking for.
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| $40bn a month for MBS purchasing |
Lets give the hourly index cycles the time necessary to cycle higher..and level out.
sp'60min
vix'60min
Summary
Patiently waiting.
Back at 2pm.
UPDATE
Daily chart..getting over-extended...
Target IS indeed hit...seeking a re-short somewhere around 2pm...
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After considering the 15min cycles...
I am now heavy SHORT from sp'1449. I am very pleased with that level, and especially with the VIX in the mid 14s.
Under any basis, this should be a reasonable level to re-short from.
Good luck to everyone out there this afternoon!
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update 1.18pm
sp'15min cycle
From a MACD cycle perspective, we're really crazy high now, the RSI is way overbought.
We're due to pullback on any basis.
The Bernanke is due ta 2.15pm, lets see if he can cause a little upset, and if Mr Market decides to sell the news.
After all, QE3..is done. No more threats, no more teasing..its done*
*yes, they could increase purchases, but for a few months at least, we should not really see any further 'gifts' from the Fed..