Despite the main indexes significantly lower (esp' the trans/r2K), the VIX is currently only 8% higher in the low 16s. This remains a market not particularly concerned about a western attack on Syria. Gold +$15..Oil +2.5%..the latter of which actually seems a relatively small move.
*there remains a lot going on...
Smaller 5/15/60mins cycles are weak, but there is threat of upside into the 1650s this afternoon.
Bears really need a daily close in the VIX 17s.. with sp <1639 again.
If that is achieved, there is imminent threat of a flash lower to the 1570/60s..at any point in the remainder of the week.
VIX update from Mr T.
time for lunch!
Big threat of a ramp this hour...just need to see sp >1642... that will open up 1650...which would be a green Dow.. urghh.
12.13pm...another test of the 1638 low...Mr Market still looks primed to ramp..its not like we're not seen this type of action a thousand times before.
VIX should be the tell, if it can't break the opening high of 16.56... bears have problems.
12.25pm.. bulls trying to form a floor around the old broken low of 1639.
This is one frustrating market. For those playing the smaller cycles...now is time to go long, right?
For the bigger daily/weekly cycles..just sit back and ignore the noise. sp'1570/60s should be hit soon enough.
Naturally, yours truly remains paralysed on the sidelines. urghh.