10am update - failed opening rally?

Good morning. The market showed some opening moderate gains, but its starting to look like a failed rally already. There is no power behind the opening move higher. The VIX is a little lower, but it also starting to recover.


sp'daily5

vix'60min

Summary

So...most of yesterdays drop is indeed holding, and the overnight gains are nothing significant. Bulls have a real problem again this morning.

RE: FB. Clearly, an epic short-squeeze. Nothing has changed..fair value remains $4. I look to pick up some Jan'2013 $18s, in the next few days.
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I remain short, seeking an exit around 1400/1395...which could still be achieved by the close of today.

back at 12pm (unless we see major action before then)