11am update - bears in trouble

The main indexes are building gains after a touch of opening weakness. The sp' is already +10pts in the mid 1640s. A daily close in the 1650s would bode badly for those seeking continuation of the broader down trend from 1709.


sp'daily5

Summary

Well, its not looking so great right now.

Yes, this could all just be part of a gap fill - both for equities and the VIX, before the next big move lower, but that is the mere 'bearish hope' speaking again.
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Last line in the sand for the bears is 1669. Anything over that, and I won't know what to think again.

Its all getting somewhat tiresome, not least with a long weekend ahead.


*consensus seems to be that there will be no Syria action until later next week, so doesn't seem any point in being short across the weekend, not least for options traders.
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