10am update - minor opex chop

The main indexes are moderately lower, particularly dragged down by MSFT and GOOG. Daily and weekly trends remain strongly to the upside though, and with a mid-size QE today, the bears are going to find is near impossible to break rising channel support of sp'1675.


sp'60min

Summary

The mid 1670s do not look viable today.

*as I type, VIX is actually now red, with the Dow -50pts.... what does that you about this market?

FEARLESS market...

---

I'm increasingly starting to wonder if this up wave from sp'1560 is going to burn out by the end of next week.

Certainly July'31 is offering potencial havoc, but more on that...nearer the time.
-

Classic opening black-fail candle on Oil.

Certainly...its had one hell of a run lately. Still, $110 is the next target.
--

As for MSFT...I am certainly no fan of windows'8, what a lousy piece of software...which no one likes, except the board of directors.

The July puts are up 2500/3000%, but then...that would have been a lottery play.

Downside target? I'd be looking for the 29s, where the 200 day MA is lurking.