10am update - don't get lost in the hysteria

The main indexes are lower, but its nothing significant yet. The sp' has dropped to the gap'3 zone, where the important 50 day MA is also lurking. VIX is higher by around 11% in the 17s. Metals are weak, Gold -$10, with Oil -1.3%


sp'60min

vix'60min

Summary

*Chicago PMI: 55.7, thats pretty good, certainly not a recessionary sub 50.
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More than anything since the FOMC high of sp'1729, what has been clear is the lack of downside power. It took 7 trading days just to battle down 2%.

Ohh, sure we're down this morning, but all those getting overly excited..I can only refer them to the price action of the last two years.

Were QE concluded...I'd be short right now.  Yet..its not.
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For those interested..the weekly charts ARE offering a provisional sign of a turn.

So..the bears have 'something', but I'd only change my broad outlook if the weekly candle closes red.
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10.29am.. market offering a turn....and that opening black hourly candle on the VIX should REALLY concern the bears.

sp'1683s.. not that I'm expecting a green close today.