Its time for another press release from the maniacs at the HQ of Print Central. No doubt the algo-bots will get rather twitchy as some fedspeak is assimilated into prices. Yellen is due around 2.30pm.. .who will try to appear confident and in control. As things are.. the current equity setup is still leaning bullish for the remainder of today.
**frequent updates across this hour.. and into the close... as there should be some interesting price action.
I am indeed looking for a major short entry, but I'm still seeking the sp'2030/40s. It is notable that VIX has already hit the 15s, and on any 'fair basis' is already close to a core floor.
Eyes on how Gold/miners, and Oil react.
2.01pm... so.. the Fed now expect just TWO rate hikes this year.
Given a few months.. we'll surely be talking about looming NIRP in the US.
Market wants to surge.
... watching the SPY put chain.... puts getting smashed 15/20% lower.
2.02pm.. sp'2023... bears getting short-stopped out.... nasty market!
2.05pm.. hourly MACD cycle set to see a bullish cross late this hour.. or by 3pm.. and that does not favour the bears.
For the moment.. gap zone of 2038/43 remains target.
2.06pm.. notable reversal in Gold, from -5 to +10.. as lower rates favour metals.. and miners.
It remains twistedly amusing in that the Fed tout economy as 'improving'.. but now we don't need more than 2 rate hikes. Yeah.. that makes sense. lol
Comedy gold from print HQ.
2.09pm notable weakness... financials, BAC -2%.. as int' rate hike hopes continue to fade.
2.14pm.. BAC -3.5%... not surprising. Broader downside target on BAC is a rounded $10... which is around 28% lower than current.
... awaiting Yellen................
2.18pm.. Seen on a 1yr time frame... VIX
VIX sure is on the very low end. Note.. we've hit the lower bollinger just earlier at 15.00.
2.28pm... the nasty market breaks a new cycle high of sp'2025... we're getting pretty close.
2.30pm.. Here she comes! All rise.
So innocent !
2.35pm.. most notable reversal.... miners.. GDX swinging from -2.4% to +3.6%.... as Gold +$17 (from -5).
2.38pm.. First use of 'transitory'.... have some tea.. or something stronger :)
notable weakness.. TVIX -4.3% @ $5.90..
2.41pm... ALL equity cycles will be maxed out no later than tomorrow morning... so.. its looking rather good for those who have been patient.
Now its a case of just fine tuning an entry.
Right now.. I'm inclined to wait until early tomorrow.. for an opening gap higher within the 2038/43 zone.
2.44pm.. sp'2028.... just 0.5% from the gap zone.
2.45pm. Hourly MACD cycle turning positive...
2.46pm... sp'2030... with Yellen answer questions on life, the universe.. and how NIRP might save humanity.