The main indexes continue to slip lower, but the declines are very slight, and there remains a complete lack of power on the bearish side, not least with a VIX that can barely claw back to evens - despite a dow -110pts. Precious metals remain sharply lower, Gold -$31, Silver -$1.10.
*I remain on standby to launch an index-long position, the 1712/10 level is pretty attractive, with target upside to the mid 1730s by end of next week.
So..we're lower, but I sure don't sense any real power on the downside. For those who can stomach it, we're arguably in the zone to going long again.
I should add..
VIX hourly is offering a further equity snap lower..into the close
Certainly..the next hour will be kinda interesting
2.03pm..next resistance for VIX . 13.50s. I would be surprised if we go much above that.
2.11pm...standing by to go long.. eyes on the 5min cycles to pin a turn.
2.19pm vIX 13.36..still not leveling out yet.
The hourly charts are offering sp'1708/06. Anyway, we're coming up to the magical time of 2.30pm, often a typical turn time.
2.26pm.. LONG the indexes, from sp'1713...seeking an exit, next week in the mid 1730s.
Well, I've made my move..I hold long across the weekend.
5/15 min cycles both look floored. Nothing confirmed on the hourly, but I'm content with 1713.
So..once again...permabear...long, never feels easy to trade the long side.