1pm update - I know my ABCs

The mini-ramp this morning has probably surprised many, but not me. Whilst the media attribute the ramp to Boehner comments, Mr Market was going to ramp higher anyway. Again, its a case of mis-attribution by the media, they just don't understand...and never will.


Trans'60min

VIX'60min

Summary

I'm using the transports- which has cleaner waves, to trade the SP'. That may seem odd, but it makes sense, if you think about it. All the indexes trade together to a large extent.

I'm seeking a very clear ABC wave..a 'black 4'....with a final wave'5.

That 5' may...or may not take out the sp'1343 low from earlier today. Impossible to guess.

All I can guess is that we're due an up cycle..and that's what we're seeing.
-
VIX is weak, could easily slip back to low 16s by early Monday.

As things are...I will very likely wait for a re-short until early Monday, once the C' wave is complete.