10am update - morning weakness

Good morning. The market is opening moderately lower, but it'd seem we'll likely see a latter day recovery. Precious metals snap higher in pre-market, Oil on the slide - in line with the indexes. VIX is moderately higher.


sp'60min

vix'60min

Summary

All things considered, I'm don't think we're done yet in this up cycle.

There is significant risk of Cyprus filing for bankruptcy, and ditching the Euro over the weekend, but...even if that was the case, the market looks comfortable enough to melt higher into the weekend.

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I have eyes on USO - long, Oil,

There just doesn't seem any point shorting...yet.
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UPDATE 10.30.... am Long Oil (USO).

Market is still a little shaky from occasional Cypriot news, but generally, there is of course underlying upside.
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VIX trying to rally, but its only managing small gains of 4%..that doesn't bode well for the close.

sp'1570s remain viable by the Friday close.