10am update - tiresome

Opening minor chop. Market has no immediate direction at all, although of course, the daily trend is still upward. VIX is +6% - Dec contracts expiring today (I believe). The dollar is close to breaking <79. Despite the weaker $, metals continue to show weakness.


vix'daily

sp'daily5

Summary

So, we're off and running. Baring some news...it'll likely be a quiet day.

Quiet day...low volume...= algo-bot melt. A close in the low 1450s is thus very probable.
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As noted last night, on any basis, bears really can't get in the least bit confident until we take out the recent low of 1413, with a VIX >17.50. I realise those levels are entirely arbitrary, but I think they're pretty 'fair'.

Metals are again weak...

GLD target remains 158

UPDATE 10.30am Minor declines..nothing to be excited about..sadly.

Until we break the recent 1413 low, it counts for nothing.