12pm update - still due another push higher

Despite the morning's significant declines, sp'2009 makes little sense as a key high. Further, there is high threat the market will use either the ECB or the FOMC itself as an excuse to formally test the 200dma (or even another 1% higher) before another lower high is put in.


sp'60min

VIX'60min

Summary

All things considered, VIX still isn't showing any significant upside power. I don't expect a red VIX close today, but sustained action >20 looks out of range in the near term.
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notable weakness... miners, GDX, daily2'

The mid 17s look a valid target by next Wednesday, and that would seem an acceptable entry to be long... with first target of 24/25 zone.

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time for lunch