12pm update - bulls fighting back

The main indexes remain significantly lower, but the smaller 15/60min cycles look floored. With the VIX similarly looking toppy, bears have a real problem into this afternoon. As expected...weakness today...but it is 'tricky out there'. Oil is very weak, now -1.5%


sp'15min

VIX'60min

Summary

Those smaller cycles could easily be floored @ 1640.. forming another slightly higher low.

With 3bn of QE money sloshing around today, market could easily rally back. A green close sure looks difficult, but we've seen them do it so many times this year.
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*I remain on the sidelines after a very profitable exit at the open.  Would have been twice as good if I'd waited another 2hrs, but oh well. A gain is a gain.


meanwhile...in the even crazier OTC market...Fannie Mae having all sorts of troubles...

FNMA, 1min

A flash down to $2, but now they're buying it back into the high 2s.


VIX update (ignore the first 10 seconds of mess)





12.02pm.. here comes the MACD snap...bears...on the run now.

12.20pm.. FNMA now down just 4%... its effectively doubled in the last hour, lol.