12pm update - market trying to break over the gap

The market is looking good for gains into late afternoon, and probably also early Thursday. The 1660s - where the 20 day MA is lurking, look set to be tested. Metals remain very weak, whilst Oil is also lower by around 0.9%


sp'60min

vix'60min

Summary

Things remain on schedule.

Bears...should be in no hurry to short this..at least until Thursday 10/11am.

Target remains ..1660s..with VIX low 15s.


VIX update..from Mr S



Hmm

11am update - bulls battling higher

The main market is holding moderate gains, and unlike yesterday..so far..the gains look rather secure. A close in the sp'1652/56 zone looks very viable, so long as the algo-bots like what the Fed beige book says at 2pm. Precious metals remain very weak, with Gold -$20


sp'60min

Summary

Suffice to say, things look on track.

A continued bounce..into early Thursday - where we have a mid size QE of $3bn.
-

I will be seeking to launch a heavy market short...perhaps, in VIX 15.25/00 level.

10am update - choppy open

The main indexes open with some mild chop, yet the bulls are comfortably holding above yesterdays low. On balance, market looks set to close in the sp'1650s, with VIX in the 15s. Precious metals are weak...having tested old resistance.


sp'60min

sp'60min

Summary

Well, as a self proclaimed permabear, I have to note, I sure don't smell any trouble out there today.

Bulls should (in theory) be able to battle the market higher today.

So long as the algo-bots like the Fed beige book this afternoon..the market should be able to close in the 1650s...and that opens up a test of 1660 -where the 20 day MA is lurking.


10.16am....amusing to see the cheerleaders on clown finance TV get mildly hysterical bullish again.

As it is, a break >1652...will open up a test of 1660/62...I do NOT expect 1670 to be broken in the near term.