11am update - ...and the indexes turn green

As was obvious from the opening action in the VIX, there is huge underlying upward pressure in the market, not least helped by QE, a weak USD, and the increasing mainstream realisation that the fed won't be cutting QE until next spring (if ever). Metals holding gains, Oil remains especially weak.


sp'daily5

VIX'daily3

Summary

There is little reason why we won't be trading around sp'1740/50 by end-month..and then a break into the 1800s in November.

The mainstream 'expert' consensus is not expecting the 1900s by year end...and that is indeed viable..if 'briefly'.
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Notable movers: Energy sector, coal miners, most are 4% higher, with BTU - arguably the best out there, +9%. More on those miners later.

*the following is a very old chart, (will update later)..but you can see my secondary target was also hit.

BTU trying to make a break over the 200 day MA. Now that IS one to watch.


11.09am.. King Obama just proclaimed...

'...we need to stop focusing on the bloggers who benefit from this [default] conflict'.

I think King O' is onto Zerohedge ..or me?