1pm update - seeking afternoon weakness

Despite yet another micro-rally, the weakness is still there. Even worse for the bulls, the dollar is back in the 80s, and the VIX is green. Seeking a close <sp'1400, which should open up a gap lower into the 1380s early Friday. A bold call, but..the weakness IS there.


trans'60min - updated channel.

vix'60min

Summary

Yes, it is still a choppy mess, but until there is at least some kind of mini wash-out move to the downside, anyone going long at these levels is just plain crazy. The worse of them being the AAPL knife catchers. Good luck with that trade, you insane maniacs!

REL tranny chart.

I've adjusted the channel a bit, and I'm highlighting the issue that we might yet be building a large B; wave, with one final C' wave completing into the Christmas trading week.

Such a C' wave does NOT mean my broader outlook is invalid.
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I remain short, will hold overnight, and look for an exit on the next VIX spike, which may be as high as the low 19s.

UPDATE 1.30pm , still holding within the channel..just.

Still seeking a close <1400