2pm update - its getting dull again

Market almost fully claws back yesterdays losses  After all, we can't be allowed a down week, right? No volume, no fear....the algo-bots are back into melt mode.


sp'daily5

Summary

So, what was it..already? 1426 to 1398, and now we're back to melt mode. This is utterly tiresome.

I suppose it could be argued those very few bears who exited at the open, are getting an opportunity to re-short right now. A simple stop would be 1427, or right 1415/20. Yet it is certainly not without risk.

The market will be fixated on the Bernanke next week, endless chatter on QE for September. Sigh.

*I'm not expecting anything in the latter few hours, market may as well close now.

More after the close.

12pm update - minor bounce, to be dismissed

A minor bounce, partly its technical - the hourly cycle was due to break higher, but it seems there was some more Fed chatter/rumours out there this morning.


sp'60min

Vix'60min

Summary

I believe all bounces are to be shorted until at least 1380, but at that level, we have the real risk of a major ramp post Jackson hole.

We'll know soon enough, and for the big money, stop levels are clear..as crystal.

VIX might just be backtesting the upper channel line which is broke over  yesterday. If so, then the next target is somewhere around 18/19

More at 2pm

10am update - weakness continues

Nothing dramatic, volume remains light, but the underlying momentum remains down, and likely will until the middle of next week.

*as I type, on clown network, the hostess (Melissa Lee) almost falls out of her chair when some guest analyst touts sp'1100/1000 next year due to 'a coming recession'.


sp'daily5

Summary

Not too much to add really, we're still on the slide...micro-rallies are being sold into, and it looks like the algo-bots are no longing able to melt this nonsense back upward.

First target remains 1390..then 80'.
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Back at 12pm.