The market continues to show underlying weakness. With more indexes breaking the ascending channel from their November lows, underlying upside momentum is being quickly lost. A move <sp'1400 seems very likely early next week.
Its going okay, and everything looks like the weakness will increase significantly into next week.
It remains remarkable that we're just 17 days from 2013, with zero sign of delaying - partly..or fully, any of the fiscal cliff measures. It looks like we're going over the cliff.
In which case market has to re-price to GDP falling 2 to 4% in Q1 2013, and a weak Q2
...and that ladies and gentleman..is at least sp'1225.
*AAPL remains very weak, and could easily breach the big $500 level at any time. If so, then a fast move to 480/475 seems viable.
Time for lunch