10am update - opening moderate jump

The main indexes open moderately higher, but clearly, the gains aren't strong enough to clarify that 1815 was the floor of what has been six days of largely sideways chop. Metals are weak, Gold -$3. VIX is a little lower, back in the 12s.


sp'60min

Summary

Considering the decline yesterday, it'd be a little surprising if we don't see another minor wave lower...to fully test the 1812/10 zone...but first..a test of the declining hourly 10MA..currently in the low 1830s.

As I will continue to note, baring a break <1800, I can't take any of the recent weak chop seriously. It is the same thing we've seen for the past two years.
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Notable strength: UAL, +2.5%

Upside target remains the 2007 double top of $48s
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10.18am... Dow needs to hold 16150 today..to not break the broader up trend, daily cycle. Reasonable chance of that..and with QE tomorrow....bears will face increasing problems.

VIX -6.6% in the 12.40s....a daily close in the 11s this week would be very bullish into end January.

UAL.. gaining altitude...+2.7%