sp'60min
VIX'60min
Summary
Market is just 10pts from the recent highs..and with the hourly MACD cycle as it is, its a tricky situation for the bears.
It does seem like 1597 was the high of this cycle though, and the daily MACD turns are starting to confirm it.
*USO is trying to ramp..a re-short...into the close in the low 33s would be sorely tempting, even though I was earlier looking to wait until Monday. Hmm
2.08pm... seriously looking at a USO re-short into the close.
With VIX low..and equtiies seemingly maxed out at 1597...I'm reasonably confident with a re-short of this one...
Standing by...
UPDATE 2.24pm...am short USO....will hold across the weekend..seeking an exit in the low 32s at the Monday open.
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VIX looks floored.
Indexes look like they could rollover into the close.
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2.33.pm...its very subtle so far.. but it looks like I was right. Indexes starting to break, VIX ticking a touch higher..and Oil snaps lower.
You can see it on the VIX'15min cycle...
it wants to push higher.