12pm update - battling to hold gains

The current gains sure are shaky... but it does look like they will hold, as a viable wave from sp'2081-1878 is complete. A bounce should be at least 4-5 days in duration, to the 1956/80 zone. Sustained action >2K looks absolutely out of range.


sp'60min2

Summary

Its clearly a pretty fierce battle as the bears are trying to drive things lower, but this time... it seems unlikely they will spiral things lower.

.. but as I will keep saying in the weeks and months ahead, regardless of the bounces... the default trade will be short, as the giant monthly cycles are screaming bearish.

From a technical perspective, the setup in April will be the same as Sept'2008, and we remember that, right?

--
notable weakness...

TWTR, daily

What a train wreck of a stock, losing all direction.. lead by a part time maniac who is surely just hoping someone like AAPL or GOOG offer a buyout.
--

VIX update from Mr T.




--
time for tea.... if only to warm up a bit more