10am update - still can't fall 1%

The market is moderately lower by around 0.5-0.7% on most indexes. This is still pretty lame though, and the bears can't get confident about the much elusive retracement. The short term hourly cycle is likely to hit a brick wall around 1495.  VIX is higher, but still crazy low.


sp'daily5

vix'daily3

Summary

So, lets be clear...

Its nothing to get excited about..yet.

Bears haven't seen a 1% decline on the main indexes in SIX trading weeks.
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A move to the 1460s seems the 'very best' bear case right now. The notion of going any lower than that before the early summer is likely nothing less than nonsense talk.