12pm update - spiky tops... usually good warnings

The opening two hourly candles were pretty clear spiky tops, and as is often the case, they were indeed confirming a short term top. The 11am candle is a pretty bearish one, and bodes for further downside into the afternoon. VIX is marginally higher..having hit a low of 12.60.


sp'60min

vix'60min

Summary

*biggest hourly VIX gain since late January
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So...two spikes..and a big red candle...certainly, this morning is not dull! Near term weakness, but barring a break of the weekly 10MA next week, the broader trend remains...UP.
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VIX update from Mr T



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time for tea


12.17pm.. amusing to see the cheer leaders on clown finance TV get rattled about the weakness in the tech', esp' the momo stocks like AMZN, FB, TWTR.

We're in the target zone, but really, I'm not getting involved here.


12.42pm... minor weak chop...the immediate trend is weak...and the bulls don't get any decent sized QE fuel until next Thursday. OHh the humanity!