Closing Brief

A very dull Thursday, where we again saw a little of the usual latter day algo-bot melt higher.  For the bears, this sort of day just makes this market nothing less than a nightmare. For the bulls..the closing gains sets up a gap straight into the 1550/60s tomorrow morning.


sp'60min

Summary

It looks like we're already seeing the bull flag confirmed..and a move into the 1550/60s looks very likely tomorrow.

I continue to see VERY disparate outlooks. Everything from sp'2500 to sp'500.

Anyway, lets see how we open tomorrow, as they say..one day at a time.
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*I merely holding Silver (long) overnight.
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the usual things..later.

3pm update - chop into the close

There is no reason why market is going to do much in this closing hour. What it does do, is give everyone a chance to position ahead of the jobs data. Bulls should look for VIX to spike lower into the close in the 12s. Dollar remains a little weak.


sp'60min

Summary

Not much going on is there?



Hourly MACD cycle is pretty low now, plenty of potential for another stupid 12/15pts on the upside.
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*I'll hold silver -via SLV, overnight..still looking for low 29s.

back after the close

2pm update - awaiting a little melt

The main indexes are basically flat lining, but as ever...a little minor algo-bot melt in the latter part of the day is often the case. Bulls can sustain a close down to 1537, and it'd make no difference. VIX is merely slipping lower...no sign of any floor yet.


sp'60min

VIX'60min

Summary

Another relatively quiet day.

Watching clown finance channel 2 (bloomberg) earlier, one of their guest seemed resigned to sp'1550/60s, before the next pull back.
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The big issue indeed is...how low can the next wave go?

Best guess remains 1425/00, and that would probably take 4-6 weeks to complete.
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SLV, daily2

I am long Silver again, and will hold overnight. First target remains the low 29s..which seems very reasonable within the next few days.