1pm update - mindless chop

Are we going to chop sideways all the way into the pointless charade that is the 'US election'? We've been stuck in a tight range since the QE spike of 1474-1430 - a mere 3% range. With the VIX still in the low teens, there is just no fear in this market. No fear of what happens after the election, no fear of anything.


sp'60min

sp'daily5

Summary

I'm really tired of this market, and its only Monday. With volatility so low, its largely pointless to even be involved.

Until VIX is back above 20, there just isn't any point.

AAPL down again, but then..its still in a hugely strong up trend, and its still one of the cheapest stocks out there - relative to all the other over-hyped trash like FB.

It'll probably hold the lower channel, if not, then maybe some interesting has begun, but I'm guessing that won't happen.

Arguably, for most 'normal' traders, its surely a case of 'turn it all off, come back mid' November - in prep' for what could possibly be a very strong Santa rally.

back after the close.

11am update - did we close yet?

A tiresome start already. Market slips sp'7 pts, and that seemingly looks like the low of the morning. With the hourly cycles floored on all the indexes, there is now potential for 10-15 trading hours up.


sp'daily5

Summary

There really isn't much to say, until we're back under 1450, and again try to break <1440, the bulls are completely in control.

Considering the state of the hourly cycle, I'd guess there is a only a small chance we'll close <1450 today. There just is NOT any downside momentum/strength.

I suppose some could argue that with Oil and the Metals weak, that is suggestive of 'something', but really, no.

back at 1pm

10am update - urghh, another week begins

Forgive me if I'm not entirely enthusiastic about yet another week. Until we see a VIX back in the 20s, I'm just not going to get much wrapped up in any of this nonsense.


sp'60min

sp'daily5

Summary

The hourly cycles are a mess.

However, the daily  cycles are actually rolling over, and a close under 1450 would be pretty interesting.

The key issue is whether last Fridays break higher - above the bear flag, was a failed break. Bears need a close <1450, preferably 1430s this week, to confirm that failure.

VIX is +6%, but still in the lowly 15s.

back at 11am, when maybe a bit more dynamic action will have started.