Wednesday, 17 February 2016

1pm update - market grinding the bears to dust

Far from cooling after morning gains, the market continues to claw upward... now pushing for a daily close in the sp'1930s. That makes a hit of the 50dma, upper daily bollinger, weekly 10MA, and the 50% fib retrace of the down wave from Nov'2015.. now viable before the weekend. Incredible.




Well... a third day of gains is now a given... the only issue is whether we close in the 1910s, 20s... or 30s.

For those resolutely holding short.. this is obviously getting extremely painful.

notable weakness... TVIX, daily

As the VIX has cooled from 30 to the 22s, TVIX has now declined from $13.58 to the upper 9s, a decline of roughly 30% in just 3.5 days. The low 8s look viable.

back at 2pm.... when the latest FOMC mins will appear.