Equity bears achieved a rather powerful opening reversal, but there is a complete lack of follow through, and the market has quickly stabilised in the low sp'1870s. The VIX is similarly indicative of a market that remains lacking any real concern.
Indeed, another 'fail' for the equity bears this morning.
I wish I could believe it'll unravel later today, but no.
I am still short SLV (should have bailed at the open..oh well)
Huge opening reversal, but the gains are looking shaky. Mega volume to start the day, biggest in some months.
I remain short, will look for a break under the 2013 lows ($17.75) in the near term.
11.07am.. Anyone know whats up with UAL ? -5%
11.11am.. nasty market...floor spike..and now we're back in the 1880s.
Oh man, a daily close in the 1890s would TRULY spite the bears. Awful !
I remain SHORT SLV, LONG RIG (kinda seeking $46/47 on that one)
11.27am.. Well, we have a clear secondary reversal..and the equity bulls are back.
VIX set to turn red again......back at 12pm... its time for my lunch!