10am update - the best the bears can manage

The main indexes are moderately lower, with the sp' testing the big 1700 psy level. It remains a relatively quiet start to the week. VIX is higher, +7%, but still in the low 14s. Notable mover remains AAPL, which looks set to make a break into the low $500s.


sp'60min

vix'60min

AAPL, daily

Summary

So...a quiet open, and despite the opening weakness, I would be very surprised if the bears manage a daily close <1700.

There is simply a general lack of power on the bearish side.

With sig' QE today, bears face the usual problems, and a latter day ramp..to close moderately higher is very viable.
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*I hold long the indexes, and am not particularly concerned. We're not even 0.5% lower.
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10.15am.. Anyone want to chase this market lower? Ohh, I'm sure there will be all sorts of bearish hysteria this morning. After all, three down days in a row, clearly its all going to collapse now.

Lets see how we close, thats what matters.
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10.30am... for those who think the market will continue higher...GDX is kinda interesting to note.

Metals appear similarly floored this hour.