10am update - time for another QE

The main indexes are lower by around 0.75%, certainly nothing too significant. The hourly/daily charts are offering 1630/25, even 1600, yet...QE remains the ultimate problem.  Lets see how Mr Market fares after $3bn starts getting distributed after 10am.


sp'60min

vix'60min

Summary

Black candle on the VIX at the open is usually not a good sign for those in bear land. I'd say it works 70/80% of the time.

Today could be a bit of a mess. There is underlying weakness, but the QE will no doubt take the edge off.
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*I was stopped out at the open at sp'1651, which was a very reasonable exit.

Considering the significant QE this morning..I am very content to be back on the sidelines


10.25am.. market struggling, first rally attempt..failed,but the VIX is still below the opening high.

First soft resistance is @ 1635 - the recent double floor, but thats a good 12pts lower..