sp'60min
Trans'daily
Summary
*there is a lot to cover, but I think the above two charts cover the bigger issues right now.
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Clearly, the break <1815 confirms the dow break <16174...bulls are in trouble.
The old leader - Trans, which even managed to close yesterday higher, is getting smashed this morning, biggest fall since last August.
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*I should note, there is sig' QE of $2-3bn this hour...bears should at least be tightening short-stops right now.
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To the doomer bears out there...
All those still looking for a mid size collapse wave, should be clawing for a end Jan close <1767 - the FOMC low. If that 'miracle' occurred, it'd break the weekly up trend..and make things real interesting for March/April.
As it is, I don't expect that, but then..I didn't expect this morning's follow through either.
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10.11am.. minor bounce underway, but really...bulls need to clear 1830 before out of the problem zone.
Hey, at least its not a boring end to the week, right?
10.20am..battling it out at the 50 day of sp'1813/12. Although yes...the Dow is already well below.
The real issue here is how big a bounce will the bulls get.
10.36am Consider this....
It taken the bears FOUR weeks to knock the market down from 1850 to 1809....
2.5% over FOUR weeks. That is truly lousy