3pm update - melt into the close

Same..as ever. Main indexes recovered those very minor opening declines..and we're likely going to just quietly melt into the close. Dollar is a touch lower now, we're still due a 1-2 week down cycle..which would really help prop' the market up until late March.


SLV, daily2

USO, daily2

Summary

Whilst the indexes melt higher, I'm merely content to meddle in commodities for another week.

I'll hold both SLV and USO overnight. A gap higher at the Tuesday open would be...'useful'. Oil actually looks to hold more immediate upside than Silver.

back after the close.

2pm update - new highs..new lows

The sp' hits a new high of 1555, with the VIX in the 11.70s. There is no sign of a turn. Yes, the weekly and monthly index charts are arguably kinda close to the limit, but there is no reason to think the bears have any hope of downside this week.


sp'daily5

vix'weekly'3 - 10yr, rainbow

Summary

We've not seen these VIX levels since the first half of 2007.

Single digit VIX is viable at any point on a brief short-term capitulation spike.
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The ultra bullish outlook would very much be seeking VIX in the 9s this summer.

After all, whats to fear..the Bernanke is printing 85bn a month!

*big POMO this Thur/Friday. Bears need to stay well clear of this nonsense!

12pm update - VIX 11s

With the main indexes flipping back to fractionally green, the VIX has broken a new low for 2013..in the 11s. This was indeed expected, and its very likely the rest of this week will remain in the 12-11 range. Whether the sp' will make a play to break the Oct' 2007 high of 1576..we'll soon see.


sp'daily5

vix'daily3

Summary

As I thought, today..and probably this week will just  be another frustrating week for the bears.

There seems absolutely no point in attempting an index re-short - or long VIX, until next week.

I recognise, a fair few chartists out there are suggesting the same kinda thing.

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Regardless of the main indexes, I am currently long, via SLV and USO, from earlier this morning.
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VIX update, from Mr T.




back at 2pm