sp'daily5
vix'daily
Summary
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.
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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.
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UPDATE 1pm, looking like the VIX has floored..finally. We've 2 spikes, and its trying to break back above 10MA of 16.88
