10am update - morning chop

The main indexes are a touch higher, and indeed, its not exactly 'exciting' this morning. Yet, neither do the bears have anything to get exited about, not least with a $3bn QE about to give the market an extra kick. Metals remain a little weak, ...VIX is about to break into the 11s.


sp'60min

Summary

Whatever you want to think about this nonsense, one thing is clear...the channel from the 1560 low is STILL holding.

Bears have ZERO reason to be launching short positions right now.

I have the small fear this market will ramp right through August into September...1750/1800s...although I'm currently holding to a turn next week.

I'm just saying, those without short-stops could get nuked...if they are not careful.
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*I remain watching the metals...

SLV'15min

That is quite probably the turn...but I'm just not interested in doing anything...yet this morning.
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UPDATE 10.13am...the sp' is down a devastating 1pt so far.

Any bear out there think this is something to get excited over?

Bears ARE still powerless. There is ZERO reason why we'll see sig' downside today, not least with $3bn of benny bux sloshing around there.

 I remain watching SLV.