An early gap lower, but we've again seen the maniacs come on in, and we're now back in a zone of strong resistance. Its going to be extremely difficult for the bulls to break and hold over sp'1400.
It does look like we have a very likely bear flag - forming wave'4, on the daily chart. If that is the case, then the next major move lower will be it, for this initial down wave from the QE sp'1474 high.
A multi-week bounce from my target of sp'1345 to 1400/25...remains my best guess.
A break <1300 at ANY time in the days ahead, and I will merely chase the market lower, and would consider a crash as viable.
Bonus video..Highly recommended viewing, Dr Doom..with CNBC cheerleader lieutenant.. Ms Quick.
*Joe Kernan sure has a way with words..
'I resemble that you said we're like pollyannas' and 'I'm going to sue you for definition of character'.
Time for lunch..back in an hour..or two.
UPDATE 1pm, looking like the VIX has floored..finally. We've 2 spikes, and its trying to break back above 10MA of 16.88