3pm update - rough week

Regardless of  how we close today, its been a rough week for those in bear land. We've seen a broad climb from sp'1555 to 1592, with VIX back in the 13s. Baring a break over 1592, bears have their first opportunity on Monday of showing whats possible in the weeks ahead.


sp'60min

Summary

Still looks like a minor 2 wave is being formed. Maybe we'll slip in the closing hour, but anyway, it looks okay for downside across Monday.

A difficult week for many.

*I will hold heavy short across the weekend, seeking a first exit in the sp'1550s, with VIX 17s.
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3.08pm .. I still think this is just a tiny bear flag. Unless we are >1592, this is arguably prime re-short territory. 

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3.38pm...sp'1585s...clearly, this is annoying to those bears getting the kick.

It still looks like a small wave'2 bear flag...just like April'12.

back at the close