11am update - end month churn

With the econ-data coming in better than expected, the market had the excuse it needed to ramp out of the sp'1640s. There is a lot of QE fuel out there today, so a moderate green close looks rather likely, with the VIX set to turn red later in the afternoon.


sp'60min

VIX'60min

Summary

We have found support again in the area of my 'first target'.

Certainly, I just can't see the 1640 line being breached today, next Monday, or indeed, for perhaps the next few weeks.

Bears are probably going to need to wait until mid June.
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*I am long RIG, I like the company/sector, and its my way of going long in what remains a...nasty market.
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