11am update - not buying this

The main indexes are all holding gains, but this market still looks very vulnerable. Bulls need a daily close in the sp'1660s, but even then, that will do nothing to negate the strong downward pressure seen on the weekly charts. VIX -7%, whilst HPQ -13%. Gold/Oil, both slightly higher.


sp'60min

sp'daily5

Summary

Who wants to go long at these levels? There is very high risk of latter day weakness

*I remain content to watch, there seems little reason to chase things higher. The simpler thing is merely to wait for the 1680s, and then short.


Stock of the day... HPQ

A hit of the 200 day MA ..in the low $20s looks a given. Not today, but certainly 'soon enough'. Watching Cramer interview the CEO earlier...what a comedy duo.


11.41am...clear resistance at the recent high of 1656. So far..bulls refusing to buy over that.