sp'60min
vix'60min
Summary
Well, I suppose it could be worse for those on the short side. A gap straight into the 1670s would have really nailed the bears to start the week.
Instead, bulls are facing another morning sell off..unless they can keep pushing from here.
*I hold heavy short, via VIX-long. Despite the opening equity rally, I remain seeking the 18/19s within a few days.
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In terms of the bigger picture...the worse situation for the bears..
sp'weekly7
Not only do we have a green candle - the first since late July, but the lower weekly bollinger has jumped to 1590..
I have to think, the notion of testing the June low is completely not viable in the current cycle...and that is assuming we're still falling anyway..which is clearly now in serious doubt.
How we close today will be so very important!
10.14am..eyes on the VIX, which has already flipped to positive.
If equities turn red, could be looking at VIX in the 17s later today.
Hang in there bears!