sp'60min
vix'60min
Summary
Certainly, in terms of the VIX, today is showing some consistent strength. The entire formation from early Sept' could be argued is an inverse H/S formation - target would be the upper 16/17s.
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Regardless of the closing hour, I remain resigned that this market will eventually battle back upward..and break new highs in October.
As many recognise, even if there is a shutdown, at most, it would last just a few days, and impact relatively few (if any) important services.
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Those bears who have been short across this week, would probably do well to exit into the weekend, rather than risk a significant gap higher, whether next Monday..or later in the week.
3.21pm... VIX continuing to melt higher, almost 12% higher in the 15.70s.
*King Obama due to speak at 3.30pm. Will he spook the market?
Worse case downside target into the close is 1680/77.
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UAL continues to dive bomb into the weekend, -8.8%.
Another $1 likely lower on that..before first opportunity of a reversal.
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3.35pm.. Naturally, his highness is late. Market on edge...but looking prone to a stupid spike higher into the close.
I have to think, those long VIX right now, should be closing out for the weekend. We're seen a 2pt gain from the mid 13s. to the mid 15s. I simply can't envision VIX 20s any time soon.
3.44pm ahh. there he is..only 12 minutes late. His time keeping is improving!
First upside target 1693..any move over that..and bears will be covering into the weekend.
3.53pm.. well, we're almost done. Sp' holding the 1690s...and I'm guessing this nonsense will rally in October.
I sure wish I could believe otherwise..the short-side is where the big money is made in options land, but..no. If an agreement is made....this market is going to ramp hard.
Its not like we've not been through this many times in the past few years.