sp'60min
vix'60min
Summary
It sure is choppy, and no... I'm not expecting a sig' net Monday gain.
However.. the situation doesn't look great for the bears, and I'm increasingly glad I made a run for the exit door.
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*I have ZERO interest in trying to trade the upside bounces. I realise some of you can... but I shall refrain from that. Instead, its sit back and wait...for the 1980/90 zone.
On no reasonable outlook does sustained price action >2K look possible.
To me.. an equity-index re-short (and/or long VIX) from the sp'1980/90 zone looks a no-brainer.
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11.01am... new cycle low of sp'1917.... but VIX remains negative.
Nothing has changed.. still expecting a bounce.
Anyone still short is arguably getting a bonus opportunity to close out... or at least tighten stops.
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meanwhile....
FCX, daily
Mr Market is clearly starting to consider that FCX might 'disappear'.
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11.08am.. sp'1913... VIX remains -2%.
Again, the risk still appears against the equity bears.. from a pure cyclical perspective.
.. and its typical floor time anyway. When are the buy programs going to start appearing?
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11.29am.. So.. marginal new low of 1913.51... but we're clearly exhausted in terms of downside.
Today was very likely a bonus opp' for bears to exit.. and wait for a sig' bounce.