3pm update - algo bots gone wild

After the early chop in the morning, its turned into a quiet trading day, and that means the algo-bots are back in control again..which makes further melt higher into the close quite likely. A close just shy of the 1570s is viable, with VIX possibly in the 13s.


sp'60min

vix'60min

Summary

For the bears, this is turning out to be something of an ugly Monday. This time last week, bears were revelling in some very strong downside.

Overall, it does look like the ABC 'wave 2 bounce' idea is still viable. Unless we get a daily close >1575, I'll be holding to that scenario.
--

*I sit on the sidelines, and will be on standby for a major short of the indexes - and Oil, which may be as early as Tuesday morning, probably around 11am.

2pm update - still battling higher

Market is stuck just under sp'1560, but bears should beware of a possible close in the mid 1560s if the algo-bots are in the mood. Precious metals and Oil are holding gains, and look set to build a little more into Tuesday.


sp'60min

Summary

Its quiet out there in market land..and thus the algo-bots should be more in control today than any of last week.

No reason why we won't close a little higher, the only issue is whether we gap higher tomorrow into the 1570s..or have to battle higher across the day to reach it.
--

2.22pm..  algo-bots in command, doing a stop run of the sp'1560 people.

VIX on the slide..maybe the 13s are briefly viable tomorrow morning.

VIX high 13s now look kinda likely, considering the algo-bots are back in control of the indexes

it also looks that this morning was indeed the B' wave.

So we're NOW in the C' wave, which could easily be complete by late tuesday morning.


2.41pm..urghh..poor bears, algo-bots gone wild, major short-stop run

1pm update - on schedule

Mr Market remains on the slightly bullish side. Target remains the sp'1570s, with VIX in the 14s..the latter of which is already 14.76. Precious metals and Oil are building on gains. Bears...need to remain patient!


sp'60min

Summary

Suffice to say, its looking on schedule.

*I remain on the sidelines, seeking an index and Oil short sometime tomorrow.
--