11am update - morning chop

US equities have seen a minor wave lower, but the price action sure does not look at all bearish. With sig QE today, the market will surely rise into the afternoon. Metals are weak, Gold -$13, and that is hurting the miners, GDX -1.3%


sp'60min

Summary

Its another case of 'don't get lost in the minor noise'.

Morning chop..but price action does NOT support any near term bearish outlook. Indeed...we'll likely be in the 2000s next week..and what then? Ohh yeah...the 2130s...as more and more are increasingly recognising.

yours... long the R2K (of all things!).
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Notable strength, airlines, UAL,

Yes, its a big black-fail candle, but its earnings, and I think that could be argued to dismiss it. UAL looks headed for the big $50