2pm update - bounce continues

The earlier floor of sp'1365 held, and we're still battling higher..although it sure is choppy at times. Partly, that is due to the President speaking, but we also have the fed minutes due at 2pm.


sp'15min

sp'60min

Summary

Mr Market is seeing some considerable choppy action in the 1366-69 area.

I would feel a lot more comfortable  re-shorting around 1375/80, but even that zone might be out of range by the close of today. I suppose its possible we'll briefly gap higher tomorow.

As it is, I am still waiting.
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UPDATE 2.20pm...well, the 1365 low failed to hold.

I sure won't chase this lower today, way too much risk of a whipsaw back to the upside, not least with opex this Friday.

2.30pm

You know, I'm starting to get a nasty feeling this market is going to hyper-ramp to 1390/1400 by the Friday close. Its opex on Friday, and no doubt the market makers will want to wipe out as many puts as possible.

Perhaps 1360s was the low of this wave..and we'll sideways claw higher into the weekend.
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