sp'daily5
vix'daily3
GLD, daily
Summary
In terms of VIX, even the 16s look a long way up. Just to see VIX 16s, we'll probably need sp'1480, if not 1470, and right now, that looks very difficult.
Indeed, by the end of this week, key rising support will be around 1465, and end Feb' will be 1480.
There remains very powerful underlying strength in the US markets - as I think I highlighted a week ago on the world index weekend update. There is open air of 15-20% for most indexes..which gets us to the sp'1600s..if not 1700s by early summer.
Until the POMO stops..I just can't see any chance of a sustained down trend.
VIX update, from Mr T.
Looks like someone is picking up some cheap 18-20 call blocks. I sure can't see VIX'20 this side of the spring. Maybe in May though.
*its a quiet day, so..updates more sporadic.
--
back after the close..unless something dramatic happens before then (if only).