If ES closes above 920 I am bullish for move to 970 or higher Market has been in this 880 to 914 range for a while - something has to give....although we should bear in mind this is EXP week and VIX is actually DOWN in a DOWN market today. VIX at 51.53 and if it closes below 45 or even 48 then I will be bullish NOTE: Crude oil sets a new session low, as well as a new 4 year low, at $40.22; currently off $3.20 to $40.40; if crude bottoms around here and moves up this is bullish for the market.
At some point, the weighting of the index componants of the beneficiaries of lower energy prices, and the value added as a result, far offset the effect of the decline of the energy producers.
Today's run up is so funny. Every up move is about 5 to 8 minutes only. We've got 5 of them so far today.