The market opened sharply lower, but the bulls battled higher across the day, recovering most of the declines. The precious metals rallied on the renewed belief that QE won't actually be ending any time soon. VIX was weak, 12% higher at the open, but only 1% at the close.
Clearly, not the end I was expecting, and I'm surely not the only one out there embarrassed at the weakness that is still apparent on the bearish side.
re: the hourly count.
I'm very unsure what to make of the near term action. With the late day ramp into the weekend, what is that saying about next week?
The VIX is primed for upside Monday - see hourly cycle, but it sure didn't show much power today. Even the opening gain of 12% wasn't much, since that only (briefly) got the VIX back in the 15s.
Eyes on the bigger picture
Regardless of the intra-day nonsense - and the end day spike/ramp, the daily indexes have broken down..and the weekly charts ARE warning of a multi-week down cycle.
For the big/serious money out there, any short position has a rather simple short-shop at the equivalent of sp'1573.
Have a good weekend.
*the next main posting will be late Saturday.