12pm update - pressure remains to the upside

The market is continuing to build gains, but the indexes sure look a bit shaky at times. There is clearly a lot of selling into strength this morning. Hourly charts still pushing higher, sp'1595 looks pretty easy to hit, but 1600 will be 'difficult'. Eyes on the VIX, which is cooling off..termporarily.


sp'60min

vix'60min

Summary

My best guess remains this is merely a bounce, before much lower levels.

On any basis, I'm seeking a clear short from 1590..down to at least the 1550s...but possibly considerably lower if bond yields spike on Thurs/Friday.

Look for the 10yr >2.75%.
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*I am trying to remain patient...and will launch a major short when the 'turn' appears in.

11am update - battling higher

Opening gains...a bit of chop, but underlying pressure - as seen best on hourly charts, remains to the upside. A close in the 1590s looks very likely, with VIX -10/13% or so. Further follow through early Wednesday looks briefly viable.


sp'60min

Summary

A bit of a confusing mess for those not keep their eye on the bigger picture.

Near term trend is UP...target is somewhere around 1600/05/10.
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Main trend remains down, and I am indeed STILL seeking a hit of the lower bollinger' on the weekly charts...currently @ sp'1495 (but rising!).
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I remain looking for a full re-short....which now seems likely not until early tomorrow.
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VIX'60min

Seeking a gap-fill. At least into the mid 17s.

10am update - bouncing to 1600

The market appears to be comfortably holding gains, and looks set to build upon them across the day. Upside target is currently sp'1600/10 with VIX 17.25/16.75, although these levels might take until early Wednesday to hit. Bears looking to re-short..need some patience.


sp'60min'2 - bollinger/Keltner

Summary

One single..and simple chart to highlight the two sets of bands which I think are pretty important to focus on across today..and into early tomorrow.
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*I remain on the sidelines, but seeking a full re-short late today...but right now..seems more likely (and safer)...early Wednesday.

stock of the day..so far...

BKS

The company has a business model that still doesn't work. I'm sure they've already done a lot to minimise their costs. Either they increase prices on EVERYTHING by 5-10%, or they will be liquidated, and then the vultures will pick up the stores that do make a profit.

The 'nook' continues to be a classic example of a company venturing into a sector outside of its expertise..and it has cost BKS shareholders dearly.

Simply....abysmal. The entire board should be fired for utter incompetence.


UPDATE 10.02am..econ-data ALL comes in fine, there is no reason why we won't hit 1600 by end of today, and perhaps a little follow through early Wednesday.
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10.22am ...a bit choppy, but I'm still guessing strength into the afternoon.

Certainly, its probably confusing many, but we do have some short term bullish signals on the hourly charts.

I'm VERY content just to watch.