12pm update - when the drugs don't work

The US market continues to react directly the Italian election forecasts. Its likely going to be a real mess into Tuesday..at which time we then have round'1 of the Bernanke. VIX is confirming the turn lower.


sp'daily5

vix'daily3

Summary

Its kinda interesting now, but I sure won't be remotely pleased until I see a daily close <1497..and even then, I simply can't envision a near term scenario where we are trading <1480.

There is a massive rising support in those lower 1480s....and that'd probably equate to a full VIX gap-fill around 17.75/18.00
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In other news.. Affymax is having issues...with a drug recall. It has a product line of one..and it can't sell any of it.

It doesn't get much uglier than that. Wanna catch that falling knife? Huge volume. Despite the fall, could easily be <$1 later in the week.

time to cook!
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VIX update...from Mr T.




back later

11am update - intra day reversal, hmmm

So..with the italian market collapsing 4% in mere minutes - at the thought of Berlusconi returning, the US markets are following. What is clear, bears can't be even moderately pleased until we see a daily close <1497.


sp'60min

VIX'60min

Summary

In addition to the equity reversal, we're seeing some good confirmation in the VIX.
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10am update - laughing bulls

The bulls have to be laughing at yet another opening gap higher. The two day decline now seems a distant memory. All those touting a collapse wave will be retreating right back into their holes today. Dollar is moderately weak..and that is probably helping kick the metals an extra bit higher.


sp'daily5

SLV, daily

Summary

Another week.

More pomo
aided by HFT algo-bots..and cheer leaded  by the maniacs on clown finance TV.

Why would anyone believe anything has changed?
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10.37...intra-day reversal underway.

Unless we're break the Thursday low of 1497, it all counts for nothing though.