11am update - may I quote general order 12?

US equities have swung significantly lower, with some notable lows taken out. VIX is confirming the renewed market concern about the lack of a Greek resolution, +10% in the 18.80s.  With the USD +0.9% in the DXY 97.10s, commodities are in destruct mode, Gold -$16, Silver -5.1%, with Oil -4.2% in the $50s.


sp'daily5

Silver, daily

Summary

*Gold/Silver bugs should be waving the white flag... as Silver decisively breaks the Nov'2014 low... Gold... along with the related mining stocks are set to follow.
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So, overnight gains.. an opening reversal.. and we're in the sp'2040s.

Its now the typical turn morning floor time of 11am... so.. a bounce into mid afternoon is probable.

*INTC hit $29.09.. which might be a cycle floor. For now... I'm content to watch..   will consider a long position.. if the $29s continue to hold.

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... the Admiral is well aware of the regulations.
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We are clearly in early phase of a sig' correction.. that will last into Sept/Oct. The more severe move though... not this cycle. Bears will need to be.... careful.
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11.04am... INTC, daily

Target effectively hit... and we're already seeing a spike floor being made. I expect 29s to hold.
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11.35am... The Sunday night futures low.. now being tested,...  with VIX 19s.

I continue to have eyes on INTC...


11.45am.. We have a double spike floor on the hourly chart.... looks like sp'2044 is the key low... with a lower VIX high of 19.20.