12pm update - 1576 still viable

Market remains weak, and so far..no sign of any bounce. Smaller cycles though are pretty low, and an up cycle into early Thursday looks more likely than not. VIX is +5%, but a considerable way from breaking into the important 15s.  Oil remains particularly weak.


sp'60min

vix'60min

Summary

Market remains weak, but there are tiny signs we have floored in the sp'1559s. VIX could still close a touch red, but that will merely make it even better level for the bears.

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USO kept on falling after I exited earlier..oh well.. a gain is still a gain.

There will be plenty more down cycles to catch in Oil in the days ahead. Its a fair way to the 31s.
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Best guess..we still make another play for the 1576 high.
 
I am merely going to watch this into the close. Lets see where we are later this afternoon.


VIX update - Mr T




UPDATE 12.55pm

Bulls starting to struggle. Yet..on any basis, the hourly cycle is low, don't be surprised if this nonsense swings higher into the close. I sure wouldn't be long, but I sure won't be short right now either.

RE: a poster asked..about SLV.

I bailed on that mess yesterday. After giving it two full days, there simply aren't any buyers out there anymore - as there were in the previous 5 weeks.

SLV now looks doomed for the 22/20 area..if not even the teens. It might be a valid short on the next bounce, but there is no sign of that right now.
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*If you comment other than Disque, it won't show up..get a disque account poster!

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back at 2pm