12pm update - Messy Monday

Today is proving to be a real confusing mess..at least for those not keeping the bigger cycles in mind. To an outsider, it might look like this market still has underlying strength. In a way, it certainly has, but last weeks action was VERY bearish, and the fact that overnight futures did break some key levels - not least Euro/$ 1.30 is further confirmation of the new down trend.

So, as I noted earlier this morning 'everyone should be happy'. Bulls get a further chance to exit, and bears get a further chance to short. Anyone complaining about today is not looking at the bigger picture. It is often hard to see what the picture is..if you look too closely, you crazy day-traders ;)


SP'60min

IWM'60min

VIX'60min

Primary daily and weekly trends remain down. Only a move back above sp'1395 would make me bullish in the near term.

For the 'big serious money', it is an EASY trade right now. Any shorts should have a stop around 1395-1422..depending on personal preference.
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I remain looking to re-short this market before the close. Seeking Sp'1340 within a few days..or better.