10am update - its Bernanke time

Good morning. Markets are seeing a bounce, and this is probably a sub wave'4. Could last into tomorrow, its kinda difficult to say. What is clear though, the major move lower has already now occurred. VIX is -9% already, the 20s do not seem likely for some weeks..if not months.


sp'60min

vix'60min

Summary

Its time for a few hours of the Ben Bernanke on capitol hill.
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I'm content to let them whack this nonsense around for a few hours.

As it is, I'm more inclined to look to go long tomorrow...around 1480/75.

I fear a massive stupid ramp...in early March - just like early January.
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