12pm update - lousy start to Q4

With the ISM manufacturing data coming in much higher than the all knowing forecasters predicted, the market is indeed up, and we're holding to most of the gains so far.

Considering the size of the gains, its notable that the VIX is unchanged.


sp'60min -H/S

Summary

So, we've hit the upper descending trend.

If we close >1460, then the bulls will surely break a new high across the next 3-5 trading days.
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Bears desperately need the gains to all vaporise by the close. That seems pretty unlikely. The only thing the bears have going for them right now is the flat VIX.

I remain short, still seeking 1420.

back at 2pm