2pm update - rough day in bear land

With the break of the opening spike higher, the bears are on the run, and no doubt a lot of short-stops are getting triggered. The Dow breaks a new high. The Transports and Rus'2000 remain weak, and are the last bearish aspect right now. VIX is back in the 12s.


sp'60min

VIX'60min

Summary

After what seemed like a spike high opening, it would seem the algo-bots are doing a short-stop run of every bear available.

I'll note again, the Trans and Rus'2000 remain WELL below their highs from last week, but that really is all the bears have got left to tout.

If we close at current levels, it will make for a rather stinky end to the day.
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Here is the R2K hourly chart...the original decline counts good as a 5 wave.

Will have to keep an eye on Trans and R2K. They remain the leaders. 

2.25pm...here is the Trans..60min...

It also counts much better than the Dow/SP/Nasdaq.. as a 5 wave down..then a bounce - 50% retrace of the original wave.

Both are suggestive that the rally in the headline indexes is suspect.