Update: NYSE Margin Debt Rises To All-Time High
Anthony M. Cherniawski | Oct 28, 2013 01:31AM ET
VIX rose up to weekly Short-term resistance at 14.23 this week before partially correcting the move.The VIX had a very important cyclical anniversary last Friday, which coincided with its low.This appears to be a fulcrum for an unexpected reversal over the next several weeks.
SPX jammed Cycle Top resistance.
SPX jammed up against its Weekly Cycle Top resistance and trendline at 1760.00 at the close on Friday.Trendline resistance held the last three times an attempt was made at the top and there is good reason to believe it may hold this time as well. BJP , which would certainly try to push forward pretty aggressive reforms.
The Bank Indexgives back its gains.
BKXhas given back some of its gains from the prior two weeks. It closed just above its support cluster from 63.56 to 64.37, but could easily lose that support. Aside from Lang-term support at 59.54, there is little to keep it from a 50% decline to its Cycle Bottom.
(ZeroHedge) In a tougher-than-expected proposal, the Fed has decided that "internationally active banks" raise their minimum liquidity standards (more than some expected, it would seem by the reaction in stocks).
(ZeroHedge) Across the board, we are seeing European bank stocks (most notably Italian) trading halted. The 5-7% plunge in prices - just when everyone is proclaiming victory in Europe - reflects an apparent concern that the tougher-than-expected European bank stress-tests will expose the Italian banks for the bloated sovereign debt issuance soaks that they have become. As Draghi himself noted, in a desperate plea to maintain some credibility "banks do need to fail" to prove the credibility of the exercise, adding "if they do have to fail, they have to fail. There’s no question about that."
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