11am update - moderate declines

Relative to what we've seen recently, the current declines are 'big', but really, the sp' is only lower by 0.7%..and a close back in the 1700s looks very viable. Precious metals are trying to bounce, Gold -$14, whilst Oil is -0.9% or so.


sp'60min

sp'daily5

Summary

Considering the past few weeks...I simply can't take the current declines seriously.

We're going to get some kind of latter day recovery, and a green close is entirely viable.
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From a micro-wave count though, we're getting awfully close to a projected cycle peak.

For the moment, I still don't think this market merits getting involved with.