sp'60min
VIX'60min
Summary
...its the closing hour of the week...a little drama might be fun!
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For the doomer bears...
To those who already think a key top is in...bears need a weekly close <1857, that should be enough to offer a small chance to break the rising weekly 10MA..which will be in the 1850s next week.
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My primary concern remains the VIX, despite equities significantly lower, the VIX is NOT displaying any real power.
I've seen this picture many times, and it rarely ends well for the bears.
*were I short, I'd exit into the weekend.
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We're seeing a bounce off the 61% fib level of 1863, but price action looks very weak, a weekly close in the 1850s looks very possible.
The ONLY thing that suggest otherwise is the VIX, which is still not showing any real power.
3.06pm.. for entertainment..turn on clown finance TV, channel'2. . (aka, CNBC).
It is amusing seeing the cheer leaders get a little rattled today's reversal, especially the weakness in the momo stocks.
Gods forbid AMZN loses its PE ratio of 10 million !
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3.17pm.. we have a possible two candle spike-floor, on the 61% fib level.
Bears need to push here..< 1863....whilst they have the momentum. It won't last forever!
3.24pm.. sp'1869...bears starting to bail...and the VIX cooling down.
If the VIX does close in the 13s, it'd be a pretty bad sign for bears.
3.30pm.. omg, my stupid email client and/or disqus has not been telling me some of you have been leaving comments today...
Sorry, if you're wondering why I haven't replied!
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3.37pm... long legged doji candle on the hourly....and the MACD cycle is trying to level out.
So long as we don't break the weekly 10MA next Mon/Tuesday, I will go long.. with a tight stop in the sp'1850s.
VIX remains the problem..for those in bear land.
3.40pm... well, its been a busy week...are we closed yet?
Notable strength: coal miners, BTU +3%. They remain an utterly battered sector though.
3.45pm... sp'1862s..or lower would make ALL the difference...
What rat is going to buy into the weekend? I can't imagine it!
3.48pm.. Are we 'off the lows of the day yet' ? Where is Bartiromo when clown TV need her?
Come on bears...break <1862
3.52pm.. CNBC roll on David Dardst...aka... the closing hour hyperbull maniac. I'm almost surprised he is not in a cheer leader outfit.
Minor chop....bears not filling in all the 'doom' boxes today...not least with the VIX.
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Interesting reversal to end the week............back at the close.