Good morning. Futures are largely flat, sp +2pts, we're set to open around 1632. Precious metals are higher, Gold +$15, with Oil up another 1.4%..WTIC is now in the 110/111s. Regardless of any morning bounce, the bulls are going to struggle into the long weekend.
sp'daily4 - progress to the 1570/60s
vix'daily3 - aiming for the 20s
RE: daily4 chart.
That is just a best guess, as based on the bigger weekly charts. I realise some are calling a fifth wave low, but considering the current trend..and the looming Syria issue, I find it hard to believe we won't broadly just fall all the way into the weekend.
*not much data today...with $3bn of QE. Interestingly, after this morning, there is no significant QE for rest of the week.
Well, I am long VIX, and generally seeking to be short the market until 1570/60s..with VIX in the low 20s.
Q Do you think traders will be wanting to go long across the long weekend? I don't think so either.
Long day ahead....