11am update - to da moooon ?

With the gap over the prior sp'1423 high, the market is now melting inexorably higher, and we're already in the low 1430s - right back to where the post election snap lower took place. VIX is 'only' 2-3% lower, but its arguably back to being mere noise.


sp'60min

vix'60min

Summary

There is ZERO sign of a turn or levelling so far today.

With low volume, the algo-bots are merely able to melt this nonsense ever higher.

As I noted earlier..the last of the 'serious money' on the short side just got stopped out.  Only the reckless and 'doomers'..remain.

So, what am I doing? Recklessly holding out. Either I'm going to look back on today as some sort of brief 'bear capitulation' day, or..it was merely the start of another major wave higher..all the way into 2013.  If its the latter, I'm going to be somewhat more annoyed than the present.

For those others that are also recklessly hanging in there....I can only say '..if there are bear gods out there, now would be a good time for them to interfere'. Urghhh
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Gold update.. the metals are surprisingly weak considering the main market is higher..AND the $ is lower.

GLD, daily.. yesterday black (fail) candle is being confirmed with this mornings minor declines.

Target remains 158.