3pm update - weakness into the close?

The main indexes are holding slight gains, but the bulls certainly can't tout today as anything other than a minor bounce. Bears should merely seek any close <1635, whilst bulls really ought to be desperate for the 1640s. Bigger picture remains broadly bearish into next week.


sp'daily5

vix'daily3

Summary

*VIX remains lower, but only 2%, which is very good if this is mere 'consolidation' before the next jump higher.
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All those touting new highs 'soon' have a real challenge in the days ahead. It won't take much to rattle them, a daily close <1615 would be enough, and that opens up the primary downside target of sp'1570/60s.


*I remain LONG VIX, will hold overnight, seeking an exit in the low 20s.


3.32pm..We remain stuck at the 1640 boundary. Who wants to buy above that level, and hold overnight?

Ignore the noise..and go stare at a weekly chart...that is where the clarity is.

The hysteria stocks - NFLX, FB, etc, are naturally doing better than the main market.