The equity market operated pretty much as I had expected, with a few opportunities for playing the volatility.
There is a definite bid under the US equity markets led by the SP futures. Whether it can continue to shrug off risk and rally higher is an open question. Supposedly the impetus for the stock market recovery off the overnight lows was the 'good news' from the homebuilders.
VIX shot up to the 50 day moving average today, and I took some off the table from Friday. I am still looking for some additional intraday swings as rumours abound.
I still believe that 1570 remains a target on the SP futures for the wiseguys. And they may get it, and more, if the global financial system can hold together. I think they are taking profits and managing the hand off to mom and pop and their pension funds and 401k's.
