Closing Brief

A very interesting day, with the indexes seeing a strong reversal after opening moderate gains. Most significant, the VIX breaking 30% higher into the 18s.


sp'60min

Summary

A somewhat severe closing hour candle...the most dynamic action we've seen in at least 3 or 4 months.

VIX confirming some real concern..with a break into the 19s!

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*I bailed on both my short blocks at 3.45pm. Its been a messy few days, and I'm far more content to start afresh tomorrow.

3pm update - bulls not laughing any more

The opening index levels look a long way up now. It would seem the earlier bullish hysteria was a real failure. The VIX has already broken into the 17s...which is something of a surprise considering we did not yet take out the 1497 low.


sp'daily5

vix'daily3

Summary

The VIX really is something of a surprise today. It seems to have a bit more power than I thought viable.

If sp'1480, then VIX ...20 ?
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back after the close
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3.45pm..exited VIX calls..and spy puts.

I'm done.  it remains a nasty market.

2pm update - Mr Fib says sp'1480

Its a bit choppy, but the indexes are still slipping. From a fibonacci perspective, sp'1480 sure would be a natural place for this wave to floor, not least with the 50 day MA also lurking. VIX is breaking back into the 16s.


sp'daily7 - fib levels

vix'daily3

Summary

So..how about sp'1480..with VIX 17.75 tomorrow ?

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back at 3pm