Mr Market is trying to hold above the 1365 morning low, it looks like it will hold, and a bounce to 1375/80 is still viable later this afternoon. The VIX remains up a mere 1.8%, which is frankly embarrassing from a bearish perspective.
The multi-week weakness continues to show through, although as ever, bounces are a natural part of any broader down cycle.
I exited earlier this morning @ 1367..and seeking a re-short around 1375/80 later today. If instead, we just keep falling..I will not chase it. Too much risk of a 'stupid bounce'.
Obama due to speak at 1.30 EST.
Fed minutes due 2pm
I'm lowering my re-short target to 1373/77. I don't think 1380 is possible, market just seems too weak.
So...permabear..standing by...re-shorting, probably around 2.30/3pm.