US equities continue to slowly build moderate gains. A back test of sp'1978 remains a very likely hit before the close...likely equating to VIX around 15. Metals remain weak, Gold -$6, with the miner ETF of GDX -1.7%.
Little to add right now...
I remain standing by to launch an index-short around sp'1978, with VIX 15s.
With Bill and Ted'3....(apparently) on the way...
Stay tuned.. my most excellent of readers.
2.02pm.. almost there.............. VIX 15.02... effectively AT target zone.
2.04pm.. IN TARGET zone.... eyes on 5min cycle...standing by to short into the weekend.. for a gap lower at the Monday open.
2.09pm.. SHORT from sp'1978... will hold into next week.
2.11pm.. We remain in the target zone of 1978/80... with VIX 14.70s.. having snapped lower just now. Certainly, it took some time... but we got there.
Now its a case of playing the odds....looking ahead into next week....
2.18pm. sp'1980...with the smaller 5/15min cycles all over-stretched.
Last 90mins of the day going to kinda important, need a close back under 1975 or so to offer an initial setup for next Monday.
VIX 14.50s..still not floored.
2.24pm... approaching afternoon turn time of 2.30pm. With the smaller cycles as overbought as they are a rather typical 'nonsense ramp'....I'd be surprised if we don't at least cool back lower to the mid 1970s by the close.
So... I've made my move... now its the waiting the game.
2.30pm.. Its turn time.. with VIX having possibly floored at 14.46, a fair bit below my low end target of 14.80
Equity bears with 90mins to make an appearance before the weekend
2.45pm.. sp'1985.. pretty impressive for the bull maniacs...hell...they'll be looking for the 2000s on Monday.
Regardless, place ya bets...or otherwise.....