2pm update - there go all the 1380/85 stops

With the algo-bots managing to push the market just over 1380/81...a truck load of bear short-stops just get triggered, causing a reverse-cascade up. Its turning into something of a horror story to end the week.


sp'60min

sp'daily5

Summary

Its starting to get to bear apocolypse levels now. Way worse than even the deluded bull maniacs could have hoped for. Dow, Sp' new cycle highs. All thats missing is a new cycle low on the VIX, and index highs on the Transports and Rus'2000.

If we are around these levels by next Tuesday, the broader bearish case is...out. With the action as it is, it seems highly unlikely we'll get any kind of reversal until after the next FOMC.

If Bernanke wants sp'1500 pre-election...all he has to do is s small QE3 next Wednesday.

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A lot of trading accounts are going up in flames today....