We’re only 80 minutes into the market day as I’m typing this, but – - subtle as it might seem – - an important technical event has taken place:
Yep, the line in the sand has been crossed. And, unlike Obama’s “red lines”, this one actually matters.
There’s still a line to be crossed with the NASDAQ, however, but if the S&P can just break down beneath the annoying 1812-1824 range it’s bouncing around in right now, I think we’ve got a great shot at it.
I remain very short right now and will cheerfully cover if we have the happy fortune of seeing the VIX scream up to about 21 or thereabouts.