3pm update - can we close now?

It feels like a long day, these early morning drops followed by the hyper ramps sure are mentally draining. I'd prefer close now..around sp'1360.There sure is a huge amount of chatter out there about Europe again. It seems we might be back to the 'rumour at 3pm' nonsense.

I actually exited earlier on the basis that the 15min cycle was looking rather toppy - and indeed its slipped back a little since my exit.

I am still looking for some moderate upside in the next few days - and the H/S theory suggest this RS will last into the end of next week. So...it could be a choppy tight trading range between sp'1355/85.


IWM'15min

Sp'60min - count'2

*VIX attempting to break/close above 20..a close over 21 would be a real victory for the bears.

As noted earlier, I have exited my long position, I'd rather be in cash ahead of the Bernanke. I'm taking the default 'safe' no-trade route.

More after the close