2pm update - opportunity for a reversal

With the Yellen out of the way, the equity bears have an open window until the Thursday/March close. Last weeks high of sp'2056 should hold. USD continues to cool, -0.7% in the DXY 95.20s. Gold +$16. Oil -2.7% in the $38s.


sp'15min cycle

Summary

*I remain on standby...

seeking to short via SPY.. and long VIX (via TVIX).
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1.55pm.. the setup looks rather good... for a reversal from 2048/50.

Certainly... a move >2056 looks very difficult.


2.03pm.. minor short-stop cascade underway.

VIX 14.40s.... wow.

*I'm starting to wonder if we'll see a crazy 'rogue print' in the 12/11s this hour.
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2.08pm.. I'm SHORT-SPY.. from sp'2049...


2.15pm.. Long-VIX, via TVIX, from TVIX $4.80, with VIX 14.42.

All things considered, I'm content with those two positions, especially with the VIX in the low teens.
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2.31pm.. sp'2053... VIX still cooling, 14.20s...

The issue now is clearly whether Mr Market will be able to wash out the sp'2056 stops.

Regardless...cyclically.. we're on the very high side.