sp'daily5
R2K
Trans
Summary
The market opened around sp' 17pts lower, and despite some hours of trying, the bulls simply weren't able to form a solid floor.
The closing hour showed no hint of any broader turn to the upside. Despite some 'risk' of a bounce - the hourly index/VIX cycles are clearly pushing the limit, the market still looks very weak in the days ahead.
I will hold to the broader weekly charts, suggestive of sp'1570/60s..with VIX in the low 20s.
I have to note, I think the Syria situation is being grossly under-estimated by Mr Market. There is the real threat of military action over the coming three day holiday-weekend, and I find it hard to imagine the market rallying on 'missiles are flying'.
Some interesting comments from a guy in the casino pit...
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*I am LONG VIX, seeking an exit in the 20/21s..sometime before the Friday close.
a little more later...