10am update - breaking into the 1650s

The main indexes are higher by around 1%, although the Trans/R2K are +1.3/1.5%. VIX is naturally lower by 4%. Bulls look set for further gains across the next day or two. Precious metals are higher, especially Silver, +4%.


sp'60min

vix'60min

Summary

*special note...

There are some VERY interesting issues right now with the weekly/monthly charts, but more on those..across the day.
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Suffice to say, we're seeing a stupid lurch higher to start a short week. I've little doubt the QE will help prop up this nonsense across ALL of today..and into tomorrow.

I most certainly will not be re-shorting the opening gains. I've seen this picture before, and it rarely works out well for the bears.
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sp'weekly7

Despite the gains..a red candle....and the 10MA should be 'the wall' to contain this latest nonsense.

*note the lower weekly bol..jumps..into the upper 1570s.
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10.36am... a bit of minor chop...enticing a few bears..but I am not biting.

If we saw 5 waves down..across 3 weeks, then a corrective bounce is going to take at least 1..maybe even 2 weeks! The notion that this is going to fail today...I don't think so.