12pm update - Boehner nailing the bears

The main indexes are building on the opening gains, as Boehner has decided to offer to 'kick the debt ceiling can' into December. As ever, this market remains a difficult place for those meddling on the short side. Metals remains weak, whilst Oil continuing to rally, +1.5%.


sp'60min

vix'60min

Summary

*I'm glad to be sitting this nonsense out. Although I do have a small SLV short - which is actually still net gains since Tuesday.
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If King O' issues a provisional 'I like the Boehner' idea later today, then the gains will hold.

A very difficult day for many out there..I do sympathise. Those sp'1640s now look a long way down.


From a bearish perspective..Boehner is himself a WMD.
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VIX update from Mr T.



time for lunch
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12.37pm...next level is the hourly upper bollinger of 1689/90.

How many index calls do you think Boehner was buying yesterday ? After all, he is a politician, and the normal rules don't apply to them!