10am update - abandoning ship

Do the bulls put the blame solely on the ex Greek PM ? Everything was looking fine until he commented yesterday about Greek plans to leave the Euro. Now, we've the market back in the down channel (although some indexes did not decisively break above anyway), and we are back on the slide.


Sp'60min, count'2

VIX'60min

Summary

It would appear the bulls have a real problem again. A 2 day rally which moderately collapsed in the closing hour. This is bad...very bad.

So...lets re-start the clock..we are day'16 in this down cycle.

Primary target on the sp' is the 200day MA at 1280.
Secondary 'soft' support levels,  1250, 1225, and then major support at 1200.

My concern is that something spooks the market in the next day or two and we will just spiral much lower.
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*I bailed on a long index position at the open, and am now short. If the market is going to at least sp'1280, I sure can't be holding long down to that level. I realise that may well be the ultimate in ill-timed decisions of the year, or it may actually help keep me in this insane casino.

yours...  in a state of moderate dismay.