12pm update - afternoon QE melt

The main indexes are back to positive, with slight gains. VIX is set to go red this afternoon. USD is +0.5%, and this is keeping a lid on both Oil and the precious metals. Considering the QE out there, market is likely to churn quietly higher into the afternoon close.


sp'60min

vix'60min

Summary

Today...was as I feared. Moderate opening declines..that failed to breach the important sp'1640 threshold...and the market used the PMI number as the excuse to ramp back up.

No doubt many bears are now dismayed, and annoyed. Perhaps more than that though...a reminder that the primary trend remains UP..and despite the chatter...QE does in fact continue.

In fact, the next POMO schedule is issued this afternoon.
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*I am minor LONG, via RIG, will hold into next week.


VIX update from Mr T.



stay tuned