1pm update - just a bit more patience

The market is very stable after the initial break into the sp'1700s. There would seem very low probability that the bears will manage to close the market <1700 by the close. Indeed, there should be some follow through to the upside tomorrow. Target remains the 1715/25 zone.


sp'daily5

VIX'daily3

Summary

*VIX is weak, but still, the 11s don't look likely in this cycle, even if sp'1720s tomorrow.
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I am more than content to wait until tomorrow, and see how we open after the monthly jobs data.
I'm guessing up!

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VIX update from Mr T.



The big money is starting to build their VIX call positions for Sept/October