10am update - opening gains.. but shaky

US equities are making yet another attempt to rally, but despite looking distinctly shaky in the opening 20mins, a net daily gain looks due. Regardless of any short term bounce into the next FOMC, the mid term outlook remains absolutely clear, with the sp'1700s highly probable after the next bounce. 


sp'60min

vix'60min

Summary

*opening reversal candle in the VIX... with a black-fail candle for the indexes.

Daily cycles argue AGAINST any further equity downside in the near term, and so I'm dismissing the opening 20mins of weakness.
--

So... pre-market gains of 30pts.. and we're already at just +6pts.

Overall though, bearish momentum in the short term should lessen, and in theory, we should comfortably hold the Friday low of sp'1857.

For the moment, I sure ain't getting hysterical about the initial cooling.

It should be clear... whatever degree of upside we get into the next FOMC... it will make for more reasonable level to re-short from.

--
time for some sun... back soon