10am update - another tough open for the bears

The main indexes are moderately higher, but we're a fair way from taking out yesterdays new high of 1564. Notable mover of the day so far, Oil, which is 1% higher, and back in the $95s. Precious metals are weak, but could easily reverse across the morning.


sp'daily5

vix'daily3

Summary

Bears are having another difficult open, although just like yesterday we could rollover, but then, are we to expect another EU rumour mill day? I guess not.

So..on balance, we'll probably see melt to the upside.

VIX is down 7% already, that sure isn't bearish...the 11s seem viable again, if sp'1570s.
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Oil is toppy on the 15min cycle...a tempting short, but it'd probably be better to wait until next week.

SLV, opening lower, but I'm seeking a reversal...imminently. the mid 28s remain first target..