12pm update - building the RS

Equities continue to hold moderate gains, with the sp' making a play for the mid 1870s  - a mere 0.5% from a new high. Most notable, the Transports, which is closest to breaking a new high. Metals remain weak, Gold -$9. VIX remains crushed, -8% in the 14.30s.


sp'60min1c - H/S

Summary

Any move >1875...and the above scenario will get dropped.
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We are unquestionably 'on the edge', not least with the Transports seemingly due to break a new historic high within the next hour or two.

If this is a H/S formation..then the bears have to draw the line around 1875.

Best guess....we will go no further.
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VIX update from Mr T



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time for tea.


12.29pm... we're holding the line...so far.  The news from the Crimea is not exactly bullish, but still...Mr Market doesn't much care.