sp'60min
vix'60min
Summary
Suffce to say, a rough day for many.
I can't imagine more than a few were going 'bravely long' yesterday, and even the cheer leaders on clown finance TV recognise that much of today is simple short covering.
Yet..gains are gains..and it would seem Obama/Boehner are going to play nice, at least for a few weeks.
*I see renewed calls for sp'1740/60s...even ZH was touting sp'1800s by year end.
As ever..one day at a time.
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*I remain short SLV, hopefully will be able to drop tomorrow, ahead of the weekend. I wish I had the temerity to meddle in the indexes..but...I'm just going to leave them alone for some time to come.
I'd feel a hell of a lot safer shorting this nonsense a lot higher in another 2-3 weeks.
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*Most of the momo stocks are holding gains of 2.5 to 5.0%. Its been a good year since I even considered getting involved with any of those crazy things.
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3.07pm... Clown TV is going guns-blazing 'buy the dip' .(although I think I've been hearing Bartiromo cursing in the background, lack of coffee?).
A close in the sp'1690s would be one of the nastiest closes for the bears. I've seen this picture before..and have shorted it..and it rarely works out well.
3.16pm...nastiest..market...ever. Gods help the bears not already kicked out of this nightmare.
3.32pm.. in theory..looking at the hourly trend/channel..we could close tomorrow around sp'1710..which is kinda the next major resistance.
Considering the power of today's daily candle, we'll probably be in the 1700s tomorrow, which is no doubt sickening to many of you out there.
3.52pm.. Metals getting the hammer in the closing hour..Gold -$19.. Silver now -1%..which is kinda useful to yours truly.
back at the close...