12pm update - minor chop

The main indexes are a touch lower, but it remains all noise. The hourly cycles are possibly fully reset, and offer significant upside potential all the way into the Friday close. Oil is back to flat after earlier gains, with the metals seeing a snap lower in the mid morning.


sp'60min

sp'daily5

Summary

The bears should be very concerned with the hourly MACD (blue bar histogram) cycle. Its now pretty low, and with two big POMO days to come this week, and it being opex, I think the 1560s are still very viable by the Friday close.

I been closely watching Oil and the precious metals all morning....

*I went re-long Silver 20mins ago, still seeking SLV in the low 29s, that a good $1 upside across the next few days.

SLV, 15min

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VIX update





UPDATE 1.10pm   ..Long USO..just earlier, from 33.06, seeking 33.75/34.00 within 2 days

urghh..going 'long' is still a somewhat sickening feeling. 

back at 2pm