12pm update - eyes still on a close in the sp'1570s

More than anything, equity bears should remain focused on getting a close in the sp'1570s. Not only would it solidify a turn to the downside on the daily charts, but the weekly charts will flip from bullish..back to a neutral/turn state. A close in the 1570s are so very important!


sp'60min

vix'60min

Summary

Suffice to say, we're still not seeing much power in the bears..yet. A weak afternoon..and moderate declines into the upper 1570s remain 'best case' I think.

Precious metals and Oil will be the talking point of the weekend....but more on that later.

*I exited USO (short) at the open, and will sit back until Monday, where I will seek a major re-short.

time for lunch

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VIX update....



back at 1pm