What is clear, the daily cycles are highly suggestive of a rollover underway, as lead by both the transports and rus'2000 small cap.
IWM
Dow
Sp
Summary
Interesting little sell off in the closing minutes again - much like yesterday. Rus'2000 especially getting whacked lower.
--
Relatively small declines, it'll have to do. Was 1391 the high ? I suppose if the ECB pull a stunt tomorrow morning, then 1395/1400 is still well within range, but its looking less likely now that the fed have decided to do nothing.
VIX closed red, and shows no sign of even mild fear still.
--
At least the Fed is out of the way now for a while. The next thing is the 'jackson hole' nonsense where the Bernanke does a little public chat to his friends about how he will save the world, that is due in 4 weeks time.
More later