11am update - short term bears all kicked out

With the break into the low sp'1680s, most of the short term bears will have surely got short-stopped out. Mr Market has again shown how nasty it can be. A close in the 1660s is still viable, but we'll need to see this level out by 2pm. Metals are weak, but Oil is building sig' gains of 1.2%


sp'60min

Summary

What to say about this latest nonsense?

Simply urgh.  However, we've seen this pattern before, and with no agreement yet....we should broadly continue to fall.

I will say, if we somehow break >1710 - which many recognise is a key threshold, then..i will be somewhat utterly bemused.
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Anyway..lets see if we can level out into the early afternoon, with some 'sell the dumb bounce' action into the close.


11.09am..well, there is an initial turn...sp'1676...a move under 1670 would be useful by 2pm.


11.24am... VIX hourly chart..offering a gap fill (although I realise the notion of gap filling on a volatiility index is bizarre).

Equity bears should look for a Thursday close >18.60..and that should equate to sp' back in the 1660s.
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11.40am.. Urggh...so now Boehner is offering a 6 week 'kick the debt ceiling can', enough to get us to early December.

What a joke this has all become. Even worse than last time!
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