Another little wave lower to 1772..and no doubt, many bears are getting overly excited about next week. Yet...this is very likely just another tease, with a whipsaw higher next Monday. Metals holding gains, Gold +$9, with Silver +0.7%. VIX still looks set to close red.
Well, do we have a rare triple floor at 1772?
Considering everything, I'd say yes. Bears had a good wave from 1812 to 1772, and 40pts is a very reasonable amount whilst QE continues.
Elsewhere, the momo stocks - esp, FB and TWTR are catching a lot of attention, both look set for a charge into the $60s into 2014.
updates..into the close
3.18pm... sp'1777...market wants to at least test 1779/80 before the close again.
Regardless.the 1800s look highly probable next week.
3.31pm.. and there is 1779.... Bears had so many chances to exit today. I'm gonna be really moody with anyone next week who complains about sp'1800s.
3.35pm.. VIX -1% @ 15.41...looking for a smack down in the closing minutes..into the 14s.
3.40pm.. chop chop.....all minor noise though.
Notable strength in TWTR, +5% in the $58s !
3.51pm..a mere 5pts above the low,....but bulls look to be fine..and all set for higher levels next week.
back at the close!