11am update - look to the VIX

Weak market, Mr VIX is warning of significantly higher levels - 29/30, as early as tomorrow, which would equate to at least sp'1285.


VIX, daily, bullish outlook

SP'daily, bearish outlook

Transports, daily

Summary

I've seen enough to confirm this market is headed down at least to sp'1285.

The tranny is below 5k...its broken the bear flag...in my view, its confirming that SP' will be breaking the recent 1291 low within the next trading day or two.

VIX is strong, bears need to see a new high in the 26s later today..and that opens up a further 10% rise tomorrow.