Option Investor
Update
HAVING TROUBLE PRINTING?
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We've had virtually nothing change on the charts with this ridiculous pattern of gap downs followed by knee jerk buying (short covering thanks to some big buy programs jamming the shorts back out again) followed by consolidation. It's a choppy mess. If we get another rally leg this afternoon that makes it above this morning's high we could see SPX push up to 869 for two equal legs up off this morning's low. Otherwise the price pattern remains potentially bearish. The banks and semiconductors are the weaker sectors today and that's not what the bulls want to see. It's quite a struggle between sellers and buyers right now so don't be shy about standing aside until we get some clarity.

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