3pm update - vague signs

One hour left of another crazy week. Lets not overlook that we made new highs on Tuesday, and broadly speaking, the primary trend remains higher. VIX has shown some power, but even a bounce into the 17/18s would do very little to negate what has happened since the New Years Eve reversal.


sp'60min

vix'60min

Summary

Hourly cycles offering very vague signs that this latest bounce is about done. A flat close just looks out of range, so, we'll be closing the week on an upward note.

Those bears still out there, had better hope Monday is a down day. 

What remains absolutely clear, a move under sp'1480 looks...impossible at this stage.

--
back at the close.

2pm update - frustrating Friday

The market remains comfortably holding its moderate morning gains. Laughably, we're a mere 1.2% from the Tuesday high. Pull backs remain brief...and completely unreliable. Its been another lousy week, and it doesn't look like there is any chance of closing the day flat.


sp'60min

vix'daily3

Summary

Another annoying day, and it really taints the somewhat impulsive 2 day decline.

Bears should fear the Bernanke next week. Any talk of 'ohh yeah, recession, we'll just increase the print rate'..and market will soar.

--

Metals... remain weak, but the steep downtrend is starting to lessen, and a bounce looks likely by end of next week.

SLV, daily

As ever, the only issue is whether the bounce merely forms yet another lower high.

back at 3pm

12pm update - you get nothing!

The opening index gains are holding. Certainly, its not turning out to be a bear massacre yet, but its a lousy end to the week. Dollar is a touch higher, metals slipping lower again, as is the VIX. Anyone who is seeking a break <sp'1480...go steel a fizzy lifting drink.

sp'60min

vix'60min

Summary

Once again, there is nothing good in market land for the bears.

Next week will be all about what the Bernanke has to say, and if the clown media - and market, want to interpret the Chairman's words as bullish, then this market will be massively higher.

A two day decline..perhaps that was indeed the 'correction'.

I will vainly 'hope' for a renewed minor decline early next Mon/Tuesday.  Yeah, its back to the 'hope' strategy again.

Good day.