12pm update - bears are going to get nailed

The market remains on a gentle slide, and is teasing the bears into the rather bizarre notion that the top for 2014 is already in. Yeah..sure. Good luck with that. A weekly close in the sp'1850s looks very viable. Metals remain a little higher, but the broader trend remains clearly bearish.


sp'60min

Summary

*interesting price structure in DRYS and RIG..but more on those later.
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So..we're a little lower...as expected..and this is most probably just a little C wave. Whether we get stuck at 1824, 20..or 1818.. it really doesn't matter.

By end of this week, market has a very reasonable chance of breaking new historic highs, with a weekly close in the 1850s. If that is the case, then a little blow-off top in the 1860/80 zone is viable by middle of next week.


VIX update from Mr T.



time for lunch :)