1pm update - is it Facebook Friday yet?

Clearly, this market needs one of those crazy overnight/weekend announcements from the EU - or 'somewhere' about some possible/planned scheme to protect the Spanish banking system. Until that happens, this low volume melt lower is continuing. Many out there agree that the next main level is 1300/1290.


Vix'60min

Dow'60min

Summary

Transports failed to hold the big 5000 level, that's a huge bearish signal on both the daily and monthly cycles. Regardless of when/at what level the next bounce/up wave is at, the transports breaking this level is a key pointer for the months ahead.

The manner is which the VIX closes today - along with the Dollar, Transports, will be important. Those still looking for things to spiral out of control (even though we are already at day'12 down), will be wanting to see VIX hold 23..and push onto that primary target of 24.

...stay tuned.