sp'60min
Summary
So...a little post FOMC chop, and we have an interesting closing hour ahead.
Many are agreed that the market will hold up, ahead of the 3 day weekend, only to slip lower. Perhaps that is how it will work out.
Regardless, I am just not in the mood to take any new positions..either way until next week. I am simply tired! Right now, the only decent 'chase it lower' level would be a break of the weekly 10MA, which next week will be around 1868/70 - around yesterdays low.
So..I might take a short position next week..if the setup is there.
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Notable strength, NFLX, +4.3%..and if the main market can keep pushing upward..$410/420 by mid June looks very easy..before the next down wave. More on that later..on my fair value page.
3.07pm... Equity bears seem absent....and VIX is back in melt lower mode.
Oh well....a long weekend is ahead...and I'm more than content to sit it out until next Tuesday. After all, there is no hurry..right?
3.14pm.. and there goes VIX..back in the 11s, with sp'1888 seemingly imminent.
3.34pm.. sp'1888.80.... yeah.. a lot of 8s..for those into numerology.
With VIX being ground into the 11s....truly bizarre.
Did everyone forget about Q1 GDP of 0.1%...and the Ukraine?
Bears....need some patience...across the long weekend.