2pm update - bulls rattled

With the market seeing a new retrace low of sp'1918 - with VIX 32.50, the bull maniacs in the mainstream are no doubt somewhat rattled. From a pure cyclical perspective though, the market has rather easy upside to the 1930/40s by the close.


sp'60min

vix'60min

Summary

Well, at least it ain't boring. After a rather subdued Friday and Monday, we're back to the wild swings... having broken quite a way below what I thought was a bold target of sp'1945/30.

Broadly, I'm still on the 'rally into mid Sept' train.

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*I remain long-AAPL, but its a small size position, and I'll sleep easy.. regardless of the close. Seeking an exit in the 115s, which frankly still looks very probable.
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 stay tuned