2pm update - moderate weakness

The market is holding onto moderate declines, despite repeated attempts to climb back into the 1460s. The VIX on the 15/60min cycles is trying to floor, and there is a very reasonable probability of a near term spike into the low 16s later in the week.


sp'15min

vix'15min

Summary

The declines are only slight, but it sure does look like last weeks hyper-ramp is exhausted @ 1467, and we're now cycling lower - as most clearly seen on the daily charts.

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I'm very tempted to launch a re-short this afternoon.

*we have consumer credit data @ 3pm, lets see how the market copes with that.

...not forgetting AA earnings at the close.

AA has a warning black fail candle today. Yet, its a high risk trade ahead of earnings.

I sure am not meddling with it, it'll be one to watch in after hours though.

UPDATE 2.25pm.. VIX still not floored yet..although SP' seems stuck @ 1455/56

Its that time of day when we often see a floor/ceiling..so..if we're going to see a turn..now would be prime time.

UPDATE 2.35pm ...top of the channel is 1459... I

I've still not hit any buttons yet.. but its mighty tempting..not least with a very basic target of sp'1440.