11am update - awaiting intra-day bounce

With the VIX failing to adequately confirm the decline in the indexes, I'm glad to be back to cash. This market is not to be trusted, and when I see a black candle on the VIX at the open - with reversal candles on the Rus'2000 index, that's a real warning that the bears probably have it 'as good as it gets'.

However, I'm still bearish into next week, and I remain looking to reshort after 2pm, maybe around sp'1295/1300.


Sp'15min

vix'15min

Summary

VIX is putting in a double top on the intra-day 15min - the indexes are arguably doing the same with a double floor.

Looking for mini ramp to sp' 1295/1300 by 2/3pm. We might not bounce strongly...but i don't think any bear should be short into the afternoon.

More later...