The main indexes are collapsing..'relative' to the past three weeks of nonsense. Hourly charts are offering 1670 within an hour or two. A daily close <1670 would be somewhat 'interesting' for tomorrow. Regardless though, primary pressure/trend still remains to the upside.
So...are we seeing the sub' wave'4 , now starting?
Certainly, with the Bernanke tomorrow and Thursday..and opex on Friday...this is prime opportunity for some small scale pull back...if only 1-2%
On any outlook though, we still look due for another few weeks of upside into early August.
I sure ain't in any hurry to be shorting the indexes.
time for lunch!
VIX update from Mr T
July opex for VIX at the Wed' open...so look for August buyers across tomorrow!