12pm update - market wants to go up

The main indexes are moderately lower by around 0.4%. The bearish hopes of a major down day have again been dashed, and despite a somewhat shaky market, underlying momentum remains positive. VIX is 9% higher, but is showing a very clear black-fail candle on the daily chart.


sp'daily5

vix'daily3

Summary

I can understand the mood out there in bear land is increasingly turning stinky, not least with sp'1684s.

Once again we've seen a simple failure at the open for the bears, as mostly clearly seen via the VIX hourly/daily charts.

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*I exited short-indexes early this morning. Am now short the metals, via SLV. Am looking for some weakness across Tue/Wed, perhaps the press released on the FOMC minutes will help.
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VIX update from Mr T.



time for tea.