1pm update - seeking afternoon weakness

Mr Market is looking tired, and everything is set up for at least moderate declines into the late afternoon. The 'old leader' - transports, has already broken the up channel, and is highly suggestive that the broader market will follow as the week develops.


sp'60min

trans'60min

Summary

Perhaps the most notable aspect of today is how the cheer leading maniacs on clown finance TV have cooled down since the open. They sure seemed hyper bullish this morning, but now they're largely mute again, muttering mild concerns about the fiscal cliff.
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I remain short, and seeking a close <1415 today, preferably 1410/05.

Right now, a Wednesday morning exit in the low 1390s seems 'best bear hope', although the channel (if its right) suggest 1375/65 is viable by late Friday.