The market remains lower by around 0.5% or so, with the two leaders - Trans/R2K, -0.2% and flat..respectively. All things considered, the broad weekly trend remains bullish, and is highly suggestive of a move into the sp'1730s next week. VIX is fractionally higher, but vulnerable to closing red.
*I am long from sp'1713..will hold across the weekend.
Moderate risk of a little ramp into the close. The smaller cycles are all arguably floored, and what few bears are out there, might do well to close out ahead of next week (when there are no less than 3 big QE-pomo days).
Regardless of the closing hour...I'm reasonably content with my entry in the 1713s, and I think there is a good 15/20pts upside opportunity next week.
updates into the close..as necessary.
GDX..in real danger now..if that floor is busted...
The huge jump on Wednesday..now almost entirely negated
3.09pm... Big rebalancing at the close, Dow'30...kicks out AA, BAC, and HPQ... in GS, NKE, V.
3.32pm..well, 1709... vix 13.43...hmm.... weak bulls are getting shaken out now...
Regardless, I'm not concerned. It can be difficult to pin a floor, looks like I'm at least 4pts out.
3.38pm.. BBRY ...urghhh
Now that is one way to end the week.
3.47pm.. sp'1711.. and despite posting new lows... VIX did NOT break a new high.
Look for some huge volume at the close of this witchy x4 opex.....
Look to the east...the big moon rises again! Thats bullish....yes?