A bit of a messy day, moderate opening declines, a mini-ramp, but the afternoon saw underlying weakness emerge again. Indeed, the rats were bailing in the closing hour, which was very pleasing to see.
I have attempted to put a count on the transports. It looks pretty good, and if its right, it should mean we are due at least one major wave to the downside. That would certainly offer a good chance of hitting my sp'1345 target either late tomorrow or Thursday.
VIX remains very weak, and even 18 is almost 10% higher, and do reflect on the fact that last Wednesday, with the Dow -300pts, the VIX only managed +8%.
As ever...the usual bits and pieces across the evening