2pm update - battling higher

Another day of nonsense (if somewhat expected) in market land. Bears have no downside power, and the turn yesterday is still intact. Metals and Oil are significantly higher, with the VIX cooling down. A daily sp' close in the 1700s looks viable, but it won't be easy with some selling likely in late afternoon.


sp'60min

vix'60min

Summary

So..we're battling higher. if somewhat tentatively.

Yes, a red daily close is still possible, but does anyone really think we'll close <1680 now?
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A frustrating market for many..and one that most simply won't ever understand (not that I'm saying I have even a moderate idea).

*King Obama speaketh at 4pm (well, he is always late, so lets call it 4.10/15pm), and no doubt the first hour of after-hours action might be worth paying attention to.

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More than anything..the sp'1710 level remains important to close over, but that clearly ain't happening today.


STX is making a play to break a new high.

Dare I suggest, see my post on Fair Value Stocks about STX. Despite the gains this year, it remains very undervalued, relative to the main market.