With the Fed maintaining QE at $85bn..the market has snapped significantly higher. The break >sp'1709 is massively important, and opens up the 1750/1800s within the next few weeks. VIX has naturally collapsed, and the 12s are back on the agenda. Metals/Oil...both soaring.
*SP' nearing the top of a channel, 1727/30 by the close...just about viable.
For those bears out there still short...I do sympathise. Yet..from a purely technical perspective, the smaller cycles were all floored earlier today. Even yours truly - a heavily biased doomer bear, saw it.
The only issue now is whether the market gets a close in the 1720s , with VIX 13s.... or 1730s with VIX 12s.
sp'1728....moving into hyper-ramp mode....jeez. I wonder how many retail accounts are getting blown up today, who are margin-short.
Transports making new historic highs...the 6700s open up the 7000s in the very near term
The only issue is whether 8000s are viable by year end.
3.05pm... and here come the sp'1730s...after earlier @ 1700. Thats almost a clear 2% swing. VIX 12s...look due at the close.
Biggest mover...gold miners....incredible gain of almost 9%
Amazing day for the miners!
3.27pm.. market getting stuck at channel resistance on the hourly..but hey..any daily close in the 1720s is wildly bullish for next week..when there are three significant QEs.
Anyone starting to also consider the hyper-bullish outlook for spring 2014?
3.43pm.. Gold +$50.. GDX +10%.....biggest up moves I can remember in a very long time.
Sp' making another break to close at the highs.
Anyone want to be short into tomorrow? I didn't think so.