10am update - awaiting renewed weakness

There is no reason why this market should close higher today. The ascending channels on the daily charts were all broken last week, the general trend should be moderately weak for at least a few days. The closer we get to Christmas day though, the lower the volume should be, and that will give the algo-bots greater chance of melting everything back upward.


Trans'60min

VIX'60min

Summary

Transports remains close to taking out the recent 4 day spiky-top. I suppose the algo-bots might want to do a stop-run before the next wave lower.

Tranny, H/S, with a neckline at 5020 ? Just a thought.
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VIX and Mr $ are flat.

So..nothing interesting yet today.

*according to clown network, AAPL did break <$500 in pre-market.
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I still like BTU - and the other coal stocks as a short.

Although it won't be until we see <$25, that we'll have a clear break

Here is that decaying mess..the HPQ

I still hold to my secondary target of $10...within first half half of 2013.  A break <14 will be the next proper sell signal.

Financials are crazy strong, with the FAZ bear ETF about to break support.

On the contrary side..we have Morgan Stanley..close to a major breakout.

A few daily closes > 18.50, and bears should be a little concerned

UPDATE 10.15am.. Tranny rolling over..and the main market should follow.

*AAPL breaks $500....next target 480/75