sp'60min
Summary
Well, no one can say today was dull. Bulls opened higher..bears took over, and whacked the market from 1877 to 1850 - pretty impressive.
However, the actual price action is nothing that I'd call particularly bearish, never mind that the broader up trends are still holding on all the main indexes.
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With further QE tomorrow, the FOMC/GDP on Wednesday, and the latest 'the recovery continues' jobs data from the BLS on Friday, bulls still have a fair opportunity to attain a weekly close in the 1880/90s.
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Here comes the sun...
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updates into the close...
3.05pm.. Hourly MACD cycle offering a snap higher tomorrow, the 1880/90s are viable by late Wednesday. Bears...beware!
3.12pm.. Its getting nasty..and the VIX is about to turn red..in the 13s.. .urghhhh. Poor bears :(
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*I will hold heavy long overnight, via CHK, DO, RIG, SRDL, and STX.
3.19pm.. nasty market..with VIX red..and set to close in the 13s... with sp'1870s
For those on the short side, I realise today has turned into the mini nightmare.
3.27pm.. a 21pt swing so far....pretty intense stuff! VIX 13.80s....the horror!
3.41pm.. pure horror for those in bear land...
Suffice to say, I hold HEAVY long overnight..and am at least on the right side of things today.