12pm update - melting into the weekend

A bit of a choppy morning. Initial gains did significantly fail..but with no power on the bearish side (yet), the bulls are very likely going to simply melt this market higher into the weekend. The USD is very strong @ 82.78...the monthly charts are offering 83.50. VIX is naturally weak, -4%


sp'daily5

vix'daily3

Summary

Yes, the jobs data remains DIRE - if you read behind the headline numbers, but hey..the mainstream are still largely falling for it.

Underlying MACD cycle on both the indexes and VIX remain consistant. Its going to be at least the middle of next week until there is any sign of this levelling out. Next Friday is opex...maybe the market makers will want to pin everything around sp'1550 ?

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*I went long SLV at the open, but exited mere minutes later after a 2.5% snap higher  As an options trader..that was somewhat 'pleasing'. I'm even open to going long again..but only in the 27.90/80s.
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I remain open to starting a re-short of the indexes in the sp'1560s..but not for at least a few more days.

VIX update.  from Najarian !




back at 2pm