12pm update - nonsense..as expected

The VIX was probably the tell this morning. Despite the sp -10pts, VIX was only +4%, and indeed..that looks to be the low of the day. Market looks set to close green, the only issue is whether we take out the 1563 high today..or tomorrow.


sp'60min

vix'60min

Summary

So, despite the ongoing Cyprus issue, the market does look to have floored, and I'm guessing we will now broadly climb higher into the weekend.

Seems no point shorting yet, and indeed the sp'1570s look almost a given.
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*I am long USO from 33.15 earlier this morning, seeking 33.50s by the close.

USO, 60min

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VIX update,  from Mr T.





UPDATE 1.37pm .hmm, new index lows...and VIX is trying to breaking out.

Bears need to take the recent 1538 low..or there remains the risk of still breaking the 1563 high. Bears need to keep this momentum this afternoon.
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