12pm update - market in a holding pattern

The market is very much awaiting a nudge. Doubtless, the election counts a major trading variable, but we also have other things in the coming days, not least a Greek austerity vote on Tuesday. The VIX is maintaining 4-5% gains...kinda interesting.


sp'daily5

vix'daily

Summary

There remains a significant smell of weakness in this market, not least after last Fridays reversal.

As noted for some considerable time...sp'1397 remains the important line in the sand.

A daily close <1397, and the door opens to a swift decline to 1345/20.

time for lunch, back at 2pm