10am update - weak opening

Good morning. The main market is moderately lower, but really, its nothing particularly of note. The VIX even opened a touch lower, despite the index declines. Its really hard to know what to make of so much lately.


sp'60

sp'daily5

vix'60min

Summary

Mr Market is starting to look particularly weak as I type, but the VIX is just barely green.

Earnings are really starting to stink across multiple sectors. We've been in recession since July, it would appear.


The targets are clear...

Bears need to take out 1427, and then 1397. If that is achieved, then a swift mini-collapse is viable..to somewhere between 1375/00. For confirmation of the index weakness, I'd like to see a weekly VIX close >20

back at 12pm (unless something more dramatic happens before then!)