12pm update - Monday chop

The opening gains were merely a nasty brief minor spike higher, and it still looks like we should be starting a new down wave. Eyes to the VIX, Dollar, Oil, metals...but most of all...the transports, which is seeing a very decisive turn on the daily chart.


sp'daily5

trans'daily

Summary

I remain concerned the market might yet largely hold together until early January.
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I've little doubt we'll (eventually) get down to the low sp'1200s, but...it could be a real messy few weeks before the major wave occurs.
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Until we take out the recent sp'1343 low, bears need to be real careful.
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I remain short, seeking 1380s, in the latter part of this week.

Here is something to keep the bears awake..on this somewhat sleepy Monday...



Maybe Boehner can sabotage this market week? 

back later