1pm update - another annoying B wave

The main indexes are again bouncing back, although a close >sp'1700 does not look likely. The bounce is probably a sub'B, with a C - down to the 1675 target on Monday - with VIX 14s. The bears are clearly still struggling, despite a lack of QE.


sp'60min

Summary

Again, its damn frustrating for those on the bearish side.

So long as we don't go above the morning 1699 high, things remain on track for 1675..but that now looks completely out of the window for today.

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So...for those short, it looks like they will need to hold across the weekend, if only to capture a moderate decline to the 1670s.