3pm update - bulls holding gains into the close

With the algo-bots tolerating the latest Fed book, the market is able to hold the gains, and looks set to climb into early Thursday..when there is QE of $3bn. Metals remain weak, with Gold -$21. Oil continues to weaken.. -1.25%.


sp'60min

Summary

Frankly, I have been cheering this nonsense higher since yesterday morning.

For those bears still on the sidelines...higher prices early tomorrow..will be sorely tempting to short.
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I for one..will most definitely be looking to short the Thursday open...if in the 1660s, with VIX 15.50/00.


updates..into the close...


3.15pm.. an actually fun/interesting debate on clown finance TV, with Pento highlighting the issue of 'real inflation, fed balance sheet, and int. rates'

It has to be asked..how will the market cope with 10yr yield of 3% ?
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3.30pm.. a touch of chop..but we should close in the 1650s..and that will easily allow for a test of the 1660 - where the 20 day MA is lurking..along with a few other resistance levels.

VIX -3.5%..a close in the 15s...I'd guess.


sp'15min

No point any bear getting overly excited at the 3pt drop... strong support around 1650.


3.48pm.. watching bloomberg aka...clown finance TV'2...

They just did an item on the $1200 haircut.  Hmm....now that has to be a bullish sign of economic recovery, yes?

2pm update - time for another Fed book

The market is continuing to build gains, with the main indexes now around 1% higher. The issue now is how the algo-bots interpret the latest Fed 'beige book'. A rally into the low sp'1660s now looks viable by the close. The 1670s look viable as early as tomorrow.


sp'60min

Summary

Well, lets see what the bots make of the Fed 
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Frankly, the higher this goes..the better..and more safer the next short trade will be.

With QE tomorrow morning, I'm inclined to give the bulls another 4 trading hours at least.


2.02pm..looks like the initial reaction is moderately positive..and bulls should be okay now into early Thursday.


2.12pm... hourly 10MA should offer support around 1648/50 by the close. I can't imagine anything <1644.

Its quiet out there..as Mr Santelli on clown finance TV further confirms.

1pm update - bull maniacs face huge resistance

The market is holding index gains of around 0.8%, with the sp' comfortably above the Tuesday brief spike-high. Bulls look set for further gains, but there are multiple layers of resistance. The notion of new highs . >1709 in the near term remains nonsense.


sp'daily4b

VIX'daily3

Summary

Consensus is for 5 waves lower, and we're now in day'5 of a larger bounce/wave'2.

Thursday..day'6..and that should be just about enough time, before the next wave lower.
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*the rising 200 day MA is now in the mid 1560s..and again, I'm inclined to think the June 1560 low is now out of range.
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I remain on the sidelines, seeking to short the market early Thursday..in the 1658/62 zone..with VIX 15.50/00


1.20pm... Bears should keep in mind the Fed beige book is due at 2pm..and I am slightly concerned market might jump into the low 1660s.

if that is the case..the 1670s will be viable at the Thursday open...and then..maybe a DOUBLE gap fill....all the way into the 1680/85 zone.

Certainly..for those already short..today is lousy.