10am update - choppy open

Hmm, a choppy opening half hour. Any bounce might be a minute '4 of a final fifth lower. The real tricky aspect will be how low does the fifth go. The weekly chart suggest as low as 1225 is viable this week.

Of major importance this week...the Bernanke who speaks on Thursday. That will probably be a desisive part of this week.

Factory orders:  -0.6%  vs  0.1% expected.. ... not pretty.


Sp15min

sp'60min

Summary

Any bounce today - when it finally does start, should last at least a fair few hours, maybe all of today. I'd be a little surprised if it lasted into Tuesday.

Regardless, a re-short around 1295/1300 sure would be tempting, if we get that high.
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