10am update - bears need to break sp'1300

With the poor econ-data, market is starting to struggle in this first trading hour. I'm looking for a latter day sell off - not least due to concerns about how bad tomorrows jobless numbers will be.

Chicago PMI: 52.7  (56.2 April) - lowest since autumn 2009. Clearly, more great news confirming our great economic recovery.


Sp'60min

VIX'60min

Summary

Bears really need to build on yesterdays losses. Keep an eye on the VIX, bears will want to see 26s, which would be suggestive that a break to new lows (<1291) is coming.

First target..1300. That will open up a challenge of 1291...and then 1280/70 -  that could occur as early as tomorrow.

*I added some more index puts at the open...looking for sp'1280 within 2-4 trading days.

More later!