11am update - still choppy

Mr Market remains in a bit of a mess. The bears are desperate for follow through from last Friday afternoon, but the bulls are seeing this as merely another buying opportunity. Considering its Tuesday tomorrow - with mid-size QE, I'm guessing we'll battle higher by end-week.


sp'60min

vix'60min

Summary

A messy Monday, but that's okay.

ISM data was certainly weak, arguably recessionary, so...those hoping for 'QE tapering'...forget it.

I will say, I am surprised to see VIX break into the 17s, although I still think its merely another chance for bears to exit.
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*I went long earlier, and exited after a mere 9mins, for a very good gain. Will re-long tomorrow, probably a combination of IWM and USO. Although I do like MRO lately too.

10am update - Monday morning chop

The main indexes are battling to hold onto moderate gains. Surprisingly, VIX opened fractionally higher, but looks set to decline across the next few days. USD is a touch weak, with the metals and oil holding gains, but those look increasingly weak.

Without question, its a  bit of mess out there.


sp'60min

VIX'60min

Summary

Indexes look floored on the 15, 60, and daily charts.

Yes, the weekly...and MONTHLY charts are now showing initial signs of a rollover, but...its very much 'initial', nothing clear...yet.

*I remain long RIG, and looking to go long indexes..perhaps this hour.

UPDATE 10.02am.. .econ-data comes in poor...market takes another swing to the downside.

10.05am.. I am now heavy long indexes from sp'1631.

First upside target is sp'1645/50

10.14am.. stopped out of my heavy IWM long position...for a very significant gain.

Options..sure are crazy.
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10.30am... it remains a choppy mess out there...people seem to be selling into each little ramp...yours truly included.

To be clear though, I will look to go long again early tomorrow. Daily/60min cycle ..oversold.

10.35am...red indexes again...VIX +2%....kinda interesting, but I sure don't see anything happening today/tomorrow, other than chop.
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10.42am.. market about to hit my secondary target of sp'1624/23..that I set over a week ago.

Best case for the bears...sp'1615/10...I''d be surprised if 1600/1597 gap fill.

Regardless, it'll just make for a better place to go long.

Pre-Market Brief

Good morning. Futures are moderately higher, sp +6pts, we're set to open around 1636. USD is -0.3%, and that is no doubt especially helping the precious metals and Oil, both with significant gains. VIX looks set to open down 5-7%.


sp'60min

vix'60min

Summary

Those bears seeking a major gap down to begin the week, will no doubt be annoyed with the opening gains.

Things could be a bit choppy for the next few days.

Secondary downside target remains 1615/10 - as suggested by a number of factors. Yet frankly, there is every reason to believe that 1630 might have been a 'fractionally lower low'.

If that's the case, bulls merely need a daily close >1650, and that will open up the first challenge of the Bernanke 'reversal day' high of 1687.

Considering its Tuesday tomorrow, why not?
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What am I planning? Well, I'm in no hurry to do anything, and I certainly don't think its particularly safe on the short side, never mind that QE continues. I'll consider an index or Oil long, later today/early Tuesday.
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updates across the day.