12pm update - choppy Monday

With no real econ-news, and no significant QE today, Mr Market appears somewhat lost. Underlying pressure however is increasing to the upside, with the daily charts suggesting upside across the week. Metals are building slight gains, Oil is almost back to flat.


sp'60min

Summary

A break >1650 this hour? Very hard to say. Hourly chart is ticking lower, but daily charts...say UP.
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Way too risky to short..probably for at least a week or two. Bears got to be super patient again.
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I will continue to keep in mind the sp'1625 gap, but it doesn't look like the bears are going to be able to manage that.