Mr Market is looking to take a new direction. The daily chart is highly suggestive we are rolling over, yet the hourly offers a new up cycle. Its a bit of a conflicted mess this morning. The Transports and Rus'2000 are already green, no sign of any down turn there.
Despite the lower open, the VIX is red again, and there just seems lack of 'bear power' right now.
Yet, Q4 earnings start later today, and that could easily be the excuse the market needs for a limited downside move.
As things are, I'm sitting back..the hourly chart in particular is not in a good place to re-short..at least until late today.
If I miss out on a retracement lower, I can easily cope with that. Surprisingly, I'd much rather go long at 1430/25 this Thursday/Friday.
Urghh.. a doomer bear looking to go long. The ultimate contrarian sell signal ?