10am update - buy the Dimon dip ?

Moderate early weakness is probably just a little cruel tease to the bears. The hourly index cycles show underlying pressure to the upside...as does the daily cycle of course.


sp'60min

vix'60min

Summary

I'm guessing these initial index declines will reverse fully by late morning, and a reasonably strong latter day rally will close the market in the mid 1330s.

*it will be important to the bulls that VIX does not break over 24, otherwise there is the small threat that sp'1306 might yet fail - although I strongly doubt that's viable today.

Facebook (FB) is green so far...I guess we are going to the moon after all ;)

Holding to original target of sp'1350s