12pm update - retracing

Market seems to be in a straight forward retrace, the only issue is where it floors, somewhere between 1440/25, by the end of this week. VIX is higher, but only by 2%, a gap fill @ 16.0 seems very reasonable to target.


sp'daily5

Summary

We're seeing a rollover on the daily MACD cycle, its pretty conclusive now.

Bulls can sustain a decline to sp'1420/15 without doing any damage to the primary trend.
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UPDATE 12.10pm - VIX

You can see the big gap from 16-18. Thats very likely to be filled, at least a hit of 16..later this week, yes?

The move from 22s down to 13s remains an incredible sight (I had bailed around VIX 22.10, that New Years Eve, Monday morning).

I'd like to pick up a VIX call block, but..if I'm right about sp'1510/20 in Feb/March, there is no point in doing that. VIX would probably hit the 12/11s by that time.
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