Big spike higher over last fifteen minutes with SPX printing new all-time high at 1653.39. GOOG is over 900. Gold loses 1400. VIX came up to kiss 13.20 today, the exact bull-bear line, and fell on its sword repeating yesterday's performance. The VIX is 12.87 providing the push higher for equities. The bear killer is the low TRIN now at 0.72. The bulls can keep markets elevated all day long with this low TRIN. Copper, oil, commodities all lower but traders do not care since the central bankers are printing money. Empire State and Industrial Production data is weak but markets ignore the bad news. Dollar/yen 102.36 after falling under 102 briefly. Euro 1.2870. The 10-year yield is 1.95%. The bulls keep running. SPX hourly and minute charts want to see price move lower but the low VIX and low TRIN have different plans.
Note Added 11:18 AM: The move through SPX 1651 creates the acceleration to a new all-time high at 1654.55. VIX 12.87. TRIN 0.74. Same dealio as yesterday. The thrust hits the top rail of the channel on the 30-minute chart again and breathes extended life into the hourly and minute charts. Sellers are missing in action now. AAPL down to 432 off eleven bucks today. Apple may set up with an inverted H&S on the daily chart.
Note Added 12:40 PM: Another new all-time high at printing now at SPX 1661.27. VIX is 13.17. Three days in a row where VIX and SPX are both up. Typically, this may occur one day now and then, only about 10% of the time overall. This behavior is very special. VIX is pennies from the 13.20 bull-bear line testing 13.20 for the fourth time in two days. Strange markets. TRIN 0.62 keeps the bulls heading higher. The string of continuous low TRIN readings continue. Add another one to the list of things that need to revert.
Note Added 2:36 PM: The markets provide more drama than a Bruce Willis movie. Volatility moves wildly higher and the VIX pokes up through 13.20, after the last message was posted, ushering in market weakness, however, volatility falls on its sword once again and drops under 13; VIX now printing 12.91. TRIN is 0.62 so the bulls are cruising along with the wind remaining at their backs. The SPX new all-time high is 1661.49 printed at 12:50 PM. The 8 MA remains above the 34 MA on the SPX 30-minute chart so the bulls continue to receive the nod. The SPX, however, is under the 8 MA (1656) so that will serve to curl the 8 MA downwards towards the 34 MA, as long as the SPX stays under 1656 and heads lower. The low TRIN makes today a struggle for bears. Watch VIX 13.20.
Note Added 2:57 PM: Keybot the Quant was in position to trigger to the short side today when the VIX moved above 13.20 but the SPX was no where near the 1634 level identified for today, so the bears got nothing. Despite the highs and bullishness right now, it will not take much for Keybot to flip short.The market behavior is strange, however, and everyone, bulls and bears, are just making it up as they go along now. Asset relationships, currencies, volatility, economic data, earnings with weak top lines, political scandals, mix it all up in a bag and pour it out, this is what you get. Flip a coin. Nasdaq is negative on the day but Dow and SPX are positive. RUT barely holding positive. VIX 13.05. TRIN 0.62, the bulls must be sitting on the TRIN smoking cigars and sipping brandy. The 10-year yield is flat at 1.95%. Dollar/yen 102.33.
Note Added 3:34 PM: VIX 13.00. TRIN 0.62. SPX 1656.39. Volume is below average.
Note Added 3:39 PM: VIX 12.90. TRIN 0.61. SPX 1657.32. Easy to see the relationship. Lower volatility and lower TRIN creates higher equities. Higher volatility and higher TRIN creates lower equities.
Note Added 3:49 PM: VIX 12.85. TRIN 0.60. SPX 1658.17.
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