1pm update - naturally bouncing

As is usually the case, the market has floored around 11am. A test of sp'1700 looks a fair target, although more likely tomorrow morning (with QE), than by todays close. VIX is cooling down, now just +5%. A red VIX close is very viable if sp>1700.


sp'60min

Summary

I am somewhat unsure of how to count the decline from the 1709 high..an ABC, I guess.

Anyway, the issue is...we're VERY low on the hourly MACD cycle, and I won't feel comfortable until the market at least recovers across 4-6 hrs.
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So, right now. I'm going to seek an index short, tomorrow morning, somewhere in the sp'1700/05 area.


VIX update from Mr T.



Clearly, the big money is really not interested in heavy long VIX..yet.