12pm update - grinding the bears to dust

Today is day'8 since the sp'1904 low, and it makes for a gain of 3.5%. There is nothing of significance due to stop the melt until the FOMC minutes (due Wed' 2pm). Metals remain weak, Gold -$4, whilst Oil is -0.4%.


sp'60min

Summary

Little to add, on what is a very subdued day of algo-bot melt.
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time for lunch


12.11pm... AAPL hits $100.... and VIX slips into the 11s.

It sure is quiet out there.....
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12.27pm.. No VIX update from Mr T. Is optionmonster crew all on holiday?

I'm seeing some good finance videos, will highlight them later in the evening.

Notable strength: AAPL +1.2% @ $100.30


12.33pm... and here are the 1980s...urghh

In theory... hourly cycle is offering 1990s at the Wed' open..and 1995 by the FOMC minutes.

A market test of 2000 tomorrow at 2pm...and then a sub'2 wave into early next week?

11am update - tedious melt mode Tuesday

The market is in classic melt mode, clawing higher...if extremely slowly. The sp'500 is a mere 0.7% from breaking a new historic high, and considering the Nasdaq (leading the way)... looks set to follow.


sp'daily5

Summary

*notable weakness, metals and Oil, both moderately lower
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Already, its become a pretty tedious day.

Next opportunity for a down wave... the FOMC minutes, but those aren't due until 2pm tomorrow.. and we could be in the 1980/85 zone by then.
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By late Friday, the rising channel will have a floor of 1980..so the bulls have to keep pushing... not that the broader trend is in any trouble.

Anyone still think sub 1904 is viable in the near term?

10am update - opening minor gains

US equities open a little higher, but the 15/60min cycles are offering an opening reversal. There is 'best bear case' downside to sp'1965/60... before renewed upside to challenge the historic high of 1991. Oil continues to slide, -0.2%


sp'60min

VIX'60min

Summary

*VIX is a more strong indicator right now...  two minor gaps...the 15s won't be easy to hit...not least if we only trade down to sp'1960.
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So...lets see if the bears can knock things lower from the opening high of sp'1976.

**I remain on the sidelines, would consider going LONG @ 1965/60
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Notable strength: DRYS +1.5% @ $3.30... continuing on its way to the $4 threshold.


10.22am.. so much for an opening reversal.. VIX failed.. and we're back to melt mode.

Oh well... no shorting this market... I think most can agree on that much.
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