How we're doing today

This afternoon we're seeing the equity indices start to weaken off a bit as traders TMAR (take money and run, meaning take profits). So this means we may be seeing the completion of the C-wave of a (B) wave bounce thesis for those of us swing trading, from here .... bit early to call it of course, but it's already possible.

The yen had fallen earlier but seems to be strengthing a bit this afternoon so we'll see if it regains that 111.49 pivot level. Last I looked, gold was off some, oil was up a bit, and X and KBE (the banking index ETF) were doing well, though some profit taking this afternoon in KBE. All in all, so far so good.

As for TLT, well sure enough that resistance area was right and we did see a neat drop this afternoon, and right into one of my potential support levels ~106. Will the 105 target be next? or will other factors come into play for another upside surprise in bonds? You already know I'm wary on this one. As for the VIX, I'll post it below after the TLT chart ... will be looking especially tomorrow to see the extent of any correlated movement between VIX, TLT and the dollar ...




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Update at 4:28 pm - for those wanting a refresher on my C-wave up of a larger wave B up, here's how it's looking on my weekly SPX chart as of today's close: