12pm update - its just a little bounce

The main indexes are holding moderate gains, with the sp in the mid 1630s. Many out there are now touting some kind of 'significant bounce'..which is odd, considering we had a sig' bounce complete just two days ago. Oil is holding gains of 1.3%


sp'daily5

vix'daily3

Summary

Nothing has changed. Primary target remains sp'1570/60s, with VIX 20s.

Suffice to say, I'm somewhat bemused at the chatter out there, the notion of some sort of multi-day bounce, even though we just had one complete on Monday.

Anyone confused...go stare at the following weekly chart for 20 minutes.

sp'weekly7

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We ain't trending up, at least in the immediate term.
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VIX update from Mr T.



time for lunch