12pm update - no downside power

The main indexes are holding moderate gains after an early morning micro down-cycle. Bears appear utterly powerless, and the market is vulnerable to algo-bot melt into next week. A daily close in the 1690s..whether today..tomorrow or early next week..appears more likely than not.


sp'daily5

sp'weekly8

Summary

Well, however you want to label it, we ain't trending lower, are we?

Weekly charts could easily ramp for the next 6-10 weeks..and by then..Santa will be near...and we would likely just keep on going into the spring.

Its probably just a matter of when we start putting in a few daily closes in the 1700s.

Absolutely ZERO reason why we'll fall  now. Once again..major bear failure.


VIX update from Mr T.



Indeed, volatility is melting lower, and there is nothing due until next Wednesday.
-
time for lunch


12.17pm... EXITED VIX-long.

With the weekly charts offering MASSIVE upside now...there is simply no point in holding short..in my view.

yours... waving the white flag of capitulation.