11am update - Uncle Ben Chop-fest

The hourly chart says it all. The bullish pennant did indeed get confirmed at the open with sp+7pts..yet as the Bernanke was finding his chair.. markets have flipped red and are testing the soft support of 1350..which has failed to hold.

Its not looking so great right now. I guess the day-traders could chase it lower with a tight stop, but I can't.


sp'60min

Summary

The VIX is only marginally higher +1%, so its confirming the declines, but this is still a very weak gain so far.

In terms of the hourly cycle, we could easily bounce off the lower channel line, somewhere around 1340/45

A daily close in the 1330s would be pretty bearish!
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There is probably at least another hour of Ben to come, this session could last until 1pm.