1pm update - new lows

US equities have decisively taken out the morning low, sp'1920 - with VIX 32.07. Despite the failure of the earlier low to hold, the bigger hourly/daily cycles remain on the low side, and the setup does not favour the bears. The Draghi remains an obvious threat... along with a very possible 'Goldilocks' jobs number.


sp'60min

VIX'60min

Summary

Well, my 12pm post title is now looking somewhat ironic.. but still.. from a pure cyclical perspective, we're on the low side, and would be bemused at anyone who is still holding short.

Despite the new high, VIX remains within a large bear flag... the 20 threshold remains target.

Were I not in 'trading light' mode, I'd consider shorting the VIX from here.

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notable weakness: NFLX -8% in the $105s.