Whilst US equities attempt a natural rally/bounce into the afternoon, a rather appropriate new movie trailer has appeared... 'the big short'. No doubt it will remind some that corporate corruption is indeed rife... and there is indeed a valid time to short the American.. and greater world economy.
So.. market is battling it out.. having broken and decisively confirmed that the big bear flag from sp'1867/2020.. is complete.
Many are (somewhat) understandably calling for renewed upside from current levels.. but I would merely argue they are in denial about the importance of the initial breakdown in August.
... as for the movie...
VIX update from Mr T.
*I remain on standby to initiate a number of short positions this afternoon, if price action looks okay.
time for tea....
12.10pm.. sp'1939... minor up wave.. underway.... with a short term floor of 1932.
Best guess.. 1945/50... before rolling over into the close.
12.16pm.. Maybe we'll max out around 1.15/30pm.... with sp'1950....
I have multiple targets locked and ready to launch.. based on the bigger weekly/monthly cycles.. both offering sub 1900' within the immediate term.