12pm update - shaky bounce

The bounce off the morning low is looking a little weak, and we're seeing something of a further push lower. USD remains the highlight of the day so far, up around 50bps @ 82.45. This is now becoming a serious problem for Oil, a weekly close <$90 would be significant.


sp'60min

sp'daily5

Summary

Certainly, things can't be said to be boring. The price action is arguably pretty good across the last week or so.

As ever though, the underlying pressure is UP...fuelled by POMO $.

Unless the bears can break the earlier low of sp'1501, this decline is merely another buying opportunity.

I'm sitting back..I ain't in the mood to hit buttons at these levels.
--

VIX update..

*I've drawn it on yet.. but you could argue there is a H/S formation on the VIX hourly chart.

It does look like VIX will not break into the 20s for some weeks, if not even a few months.

All those doomer bears seeking a 'real' VIX explosion into the 30s..even 40s....first chance for that seems to be May.


Mr T..on the VIX...




back at 2pm