12pm update - awaiting a break above sp'1465

On balance, it would seem we'll break over 1465 later today or Monday, and that will open the way to the Sept' high of 1474. I don't expect that to hold, and it looks like the bulls will be able to push to somewhere in the 1490/1510 area, within a few weeks.


sp'daily5

vix'daily

Summary

More than anything, I believe it is the Transports and R2K that are showing the way, and with the recent breaks higher - way above the Sept' highs, that is highly suggestive the Sp/Dow will similarly follow.

We could easily be looking at sp'1490/1510..with Dow'14,000.
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I would still expect some sort of turmoil when the debt ceiling issue needs to be dealt with in Feb/March.

*those VIX April $25 calls sure look tempting today, but they'll be a whole lot cheaper if sp'1490/1510.

Patience...will be paramount.
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Notable stock mover....transocean (RIG) which I hear has settled a closing payment for the Horizon' disaster. 

*ignore those downside targets..at least for now. Trend for RIG is clearly UP..on huge buying volume no less!

back at 2pm