sp'60min
Summary
*post earnings reaction, IBM is -4%, GOOG -2%. Would not surprise me to see both close marginally positive.
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Having read around a bit, I'm somewhat bemused at how bearish some still are. We have a down channel - from the sp'1897 high, that is clearly broken, and we've seen the sp' put in 3 consecutive daily net gains.
Further, the VIX is again crushed, and that certainly supports the notion of a rally into May.
I'd actually consider picking up a small long-index block today, but then...a 3 day weekend, and I probably won't. To be clear, I currently have a 'no shorts, unless sp'1814 low is taken out' rule.
I realise some of you out there are still resolutely bearish, but really, I think yesterday's gains were pretty decisive.
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Tis almost the weekend..thank the gods.
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9.21am.. all those getting excited at the GOOG decline last evening...well, its just -1% right now.
9.40am.. RED indexes.....RED VIX.. in the 13s.
Doesn't bode well for the equity bears.