ISEE The Light

UPDATE 12:46pm EST: I’m really starting to appreciate the ISEE index – especially those intra-day readings. Check it out:

We started out quite bullish on all fronts and that changed quickly around 10:00am EST. We have maintained a generally bearish stands in the indexes, but note that sentiment in securities is almost on par while equities look bullish. I think there’s a chance the bulls will try to make a run for it later today. We have held yesterday’s lows, which is obviously a huge line in the sand. Here’s to 780 – maybe there’s a chance we’ll see it before we breach the SPX November lows (741.02).

UPDATE 1:00pm EST: XLF getting ready to run – hat tip to Eric:

I’ll wait for a few more ticks for a breakout confirmation but then I’ll dip into this sucker. However, based on what I’ve seen on the VIX it might be more profitable to sell OTM puts. I know – I know – that’s not for everyone – if you do take profits before the bell. You could also sell a ATM bull put spread – less risk this way.

UPDATE 2:07pm EST: Silver down, XLF up – not a bad day. Let’s see if the bulls can make this puppy run. Only question is whether or not this is {4} of 3 of (5) on the SPX, or the beginning of 4 of {5}. I would prefer the latter frankly.