sp'5min
Summary
*micro 5min cycle is offering a spike top...
I bailed on my R2K long..at the equiv' of sp'1948...which I'm more than content with.
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Coming up............ Spain vs Chile.. .3pm EST.
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updates into the close.............
2.59pm.. I'm now wondering if WFM has finally floored...
I'm still seeking the 43/44s..but its taking a lot longer than I thought. Hourly looks like a turn is viable.
3.04pm.. Not looking good for those in bear land...
No downside pressure...
VIX getting crushed.. -8% at 11.10.. VIX 10s...viable for the close...with new index highs.
3.06pm.. VIX 10s....first time since early 2007.
sp'1952...and the notion that the recent few days were a bear flag....now seemingly...no.
3.09pm.. R2K breaks 1180.....
Game over bears..... game over.
Not only was it not a bear flag...we're set for new index highs...and VIX 10s are already confirming such an assertion.
3.19pm... with no downside power...we're just in melt mode...a mere 3pts from breaking a new high on the sp'500.
Trans...sig' gains of 1.1%
3.20pm.. Goalllllllllllllllllllllllllllllllllllllll Chile......
bearish... SPAIN !
3.26pm... my remaining two stocks... CHK and WFM... turning green. My aim would be to drop both into the Friday close....if 'reasonable' price levels.
Poor Spain..... poor bears....not the best of days for either.
3.38pm.. sp'1954...real close to a new high..which even to me..is kinda disturbing to see.
WFM is green..and a clear 50 cents above the earlier (washout?) low.... more on that one..after the close.
3.44pm.. New historic high on the sp'500.... with the R2K and other indexes set to follow.