10am update - Weak

There is a smell of weakness in the market so far today. The transports is again getting slammed lower, and is in danger of losing the big 5k level.  Its amazing that the dow/sp' seem to completely be ignoring the action in the transports.

The VIX is a touch lower, I'd certainly look for a marginally higher VIX close.


sp'60min

Trans'60min

sp'daily5

Summary

I'd expect a few hours of sideways churn..before the next opportunity of downside. First target is a very obvious 1450. Bears really need to break below that by the close of Thursday, otherwise I fear we could start battling higher again to yet another high.

So, lets see if we can break 1450 - that won't be easy today, but a daily close <1450, will then open up 1440/30 for what will be a choppy quad-witchy opex Friday.

Back at 12pm.