2pm update - bears battling to seize control

Its certainly been a tough week. We've cycled from the brief 1427 low to 1464, and now we're back into the 1430s again. The VIX is picking up some steam, the first major jump since Sept'10 - before the Bernanke appeared to launch QE3.


sp'daily5

sp'weekly

Nasdaq, daily - struggling to hold 3k..which doesn't look likely

VIX' weekly

Summary

I think its time to focus on the bigger cycles again, and not get lost in the minor noise.

The weekly cycles - which broke the June trend last week, are showing a very nice spike/failed rally, and it bodes well for the bears next week.

*as I keep noting..I want to see a weekly VIX close >20 - to have initial confidence of a major down cycle underway. Clearly, that ain't going to happen this week..but..maybe next.

Bears must take out the 1427 low, if that can be done today, it should be considered a bonus though. 

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