12pm update - another strong down wave

US equities fail to build on the bizarre Fed inspired gains. Equity bears have achieved an important break back below sp'1950... with VIX +10% in the mid 16s. Without question, it is now critical to take out the double floor of 1926/25... with VIX back >18.


sp'daily5

vix'daily3

Summary

*as I'm posting this.... major snap underway.... sp'1942.... VIX back in the 17s...
--

So.. here we go again. Bulls utterly absent...and market is in starting to get real ugly. Hourly cycles offer downside ALL the way into the Friday close. In theory... 1910/00..but I realise that is still a good 2% lower.

Notable sector destruction, coal miners, huge declines, even the bigger companies of BTU and CNX are seeing rather extreme declines.
--


VIX update from Mr T.


-
time for tea

yours.... unsettled, ill, and largely despondent.
-

12.31pm... where is everyone today?  Seems strangely quiet.
-
Dow -300pts.... and with the Fed gains entirely negated.... back to original target...