12pm update - building a bear flag

US equity indexes continue to appear to be building another bear flag.. before renewed downside across Wed/Thursday. An afternoon peak in the sp'2075/80 zone - with VIX 17/16s, looks on track. The real issue is whether the 2050s will fail to hold in the next wave.. if so... there is empty air to the giant 2K threshold.


sp'15min

VIX'15min

Summary

*I remain on the sidelines... trying to be patient (not my finest skill)... will consider an index short in the 2pm hour,
-

Little to add.

Market probably wants a few more hours in the current up cycle.

I will be seeking at least some degree of closing hour weakness... ahead of the IMF payment deadline.. which will be missed.
-

From EU-CNBC...indexes, first half net changes..

UK notably lagged France and Germany in first half

--
time for another icy drink...


12.29pm.. Well, the morning low is about to be taken out... indexes turning red.

Hmm... as things are.. I'm certainly not chasing it lower from these levels. 


12.38pm.. VIX 19.72...  seems like forever since we've seen the 20s.

If by some miracle we still see another afternoon ramp on more 'last minute' Greek hope... overall price action is clearly still very weak.