12pm update - holding the gains

US equities are holding moderate gains, having seen a morning peak of sp'2083. VIX is in melt mode, -6%, in the 15.80s. Metals are holding minor gains, Gold +$6. Oil is holding sig' gains of 2.2% in the $50s.


sp'60min

VIX'60min

Summary

From an equity bear perspective... it is simply not looking good. Price action isn't at all bearish, and the VIX is confirming the new equity cycle highs.

Even a minor retrace to the 2075/70 zone this afternoon won't be enough to negate the significant breakout - seen briefly yesterday.. but more decisively.. today.

Barring a net daily decline - along with VIX 17s... it is white flag waving time for those in equity bear land.

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VIX update from Mr T.


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time for lunch... back at 2pm