sp'15min
sp'weekly8d
Summary
I think its fair to say many - myself included, have been waiting for a bounce that just didn't come.
After trying to fine tune an intraday entry, I'm long the VIX, via TVIX, from sp'1844.. and VIX 28.70s.
All things considered, a target of sp'1780/70s, with VIX 36/38 does not look overly bold, whether tomorrow, Friday.. or early next week. It makes no real difference.
We are STILL due capitulation.
Right now, a daily close <1830 would be useful.. along with VIX >30
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updates into the close....
3.18pm... sp'1866... now a full FIFTY FIVE points above the earlier low.
Urghh.. is that really it, or is it just a crazy ass short-stop cascade?
VIX remains broadly elevated in the 27s.. but that is a clear 5pts below the earlier high.
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3.21pm.. A daily close >1870.. would be a real problem to those short. Short term trend is broken.. urgh.
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3.28pm.. Hyper-spike floor candles on the two leaders - Trans/R2K.
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3.30pm. EXITED TVIX-long.... major fail.. as the market appears to be putting in a giant spike floor.
Seems no point holding short above sp'1870... VIX looking dire.. in danger of closing red.
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3.35pm... The scary daily candle...
That is too bullish for my liking. sp'1812 makes little sense as a low... but it is.. what it is.
3.49pm.. and now a swing from 1876 to 58.... another 0.8% within barely 30mins.
This market is really start to annoy me.
VIX rebounding, +7% inthe 27s... but that is still a long way from 32s.
back at the close......................