The market opens moderately lower, but the declines aren't enough to puncture the big sp'1600 level. Bears face severe problems with a very large QE of $5bn this morning. Underlying momentum is starting to swing back to the bears, but what matters is where we close on Friday.
*daily VIX black-fail candle sure isn't such a great one for the bears. I remain very concerned VIX will go red by the 1pm close.
I've seen this picture many times before and it rarely ends well for the bears.
Despite a truck load of bad news/mood out there, the market is barely -0.5%.
*for the record, I will hold short into Friday, but I sure ain't confident about the current unclear mess.
10.03am.. ISM Data, weak, 52s, but not recessionary, and not enough to kick this market lower.
Bulls still comfortably holding sp'1600.
1021am...sp'1606,, hmm... As ever though, 11am is often a low point of the day. I am concerned we'll test 1600/1598, and then soar on the QE.