The main market is becoming increasingly unstable. Minute by minute price action is getting wilder, and despite a significant bounce from sp'1670 to '83, the momentum is with the bears. Daily/weekly charts are looking ugly, with the break <1675. VIX in the 20s...is now viable in the very near term.
*with the break below 1675 support, I am resigned to much lower levels, and am now on the short side..will hold into late Friday.
Regardless of how we close.. the bears showed their first decent downside power since June. With the VIX in the upper 18s, I have to think market is in dire trouble.
Lets see if we see some renewed selling into the close!
*clown finance TV..with coverage of some incident. I guess not everyone likes Obamacare.
3.15pm..market stuck around 1680. Certainly, we look set to close below yesterday, and with the break <1675, the damage has been done.
Friday should, be a day for the bears to make a stronger push downward.
3.30pm.. Bears should be seeking a daily close under the 50 day MA of 1679 !
30mins to go...still looking for late day micro wave lower
3.51pm.. sp'1680.....well, I'm short the indexes (from an hour ago)..and will hold overnight...
back at the close!