12pm update - holding gains

The market is comfortably holding strong gains, and even a retrace into the 1650s now looks unlikely in the near term. Indeed, with the Bernanke telling the market there is no need to worry about QE ending any time soon, the market looks set to rally much higher from here.


sp'daily
 

Summary

So, day'13 of the rally, and we're a clear 110pts above the key low of sp'1560.

Best case for the bulls, somewhere in the sp'1740/60s in August, with VIX 12/11s.
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*I exited index-shorts earlier, there looks to be only marginal downside from here. It was an overly risky..and stupid trade. I could blame the Bernanke, but no.
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VIX update, from Mr T



time for lunch