10am update - bearish capitulation

US equities build significant early gains, with the sp'500 +23pts @ 1975.. a powerful ramp of 82pts (4.1%) - a mere 7 trading hours ago. VIX is naturally cooling, -4%... losing the 20 threshold. If sp'2000.. the mid teens now look due. Gold +$3, whilst Oil +1.4%


sp'daily5

sp'weekly7

Summary

*with sustained action >sp'1950, I've cleared the decks, closed out 3 short-market positions. There seems ZERO point in holding short from here.

Call it capitulation, call it weak... call it whatever you want.. but that is my level where I ain't fighting.
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So.... what now?

I have already seen a number of people tout the next FOMC minutes as the start of the collapse wave.. but really.. why?

The bigger weekly cycle put in a spike floor last week.. and that sure ain't bearish.

We look headed.. at minimum to sp'2000... but almost equally viable... the 200dma in the 2060/50s.
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Here is a question...

Would you want to go long from here?    Or re-short... even though there is INCREASING upside momentum? 

Frankly, I see it as overly risky on both sides... unless you are a super flexible day-trader.

yours... sidelines.