11am update - tired of the bounce

Maybe its just me, but this bounce sure seems 'tired'. The headline Dow/SP indexes have been flat for 14 trading hours now. However, the old leader, the tranny has broken the rising up trend. Given another 4-6 hours, the Sp' should be trading somewhat lower.


trans'60min

sp'60min

Summary

We have a really difficult week ahead. I am increasingly concerned that this wave'2 might not be complete after all, and will drag out into end year.

Regardless, near term trend 'should' be to the downside.

My next short-exit target is around 1400/1395