1pm update - micro down wave

The market has seemingly maxed out at sp'1693, at least for a few hours. Bulls have 'comfortable' support in the mid 1670s..and there is little chance of bears breaking <1680 today. Oil..and just about everything out there..is generally still melting upward.


sp'60min

Summary

However you want to count the recent 17 days of nonsense, the primary trend is still upward.

Absolutely no point in shorting this market.

Again, the question has to be..what will motivate this market to begin a new multi-week down cycle?

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*July'31 will be one hell of an interesting day..perhaps the biggest day of the year so far..more on that later though.

stock of the day (so far)...

BIDU...

BIDU is up around 25% in just TWO weeks.


A test of the Jan' high, around 114 now looks likely tomorrow/early next week