sp'15min
Summary
**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.
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Eyes on how Gold/miners, and Oil react.
standing by.......................................
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.
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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................
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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.
2.32pm... sp'2027...
So innocent !
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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.