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Monday, February 13, 2012

13 February 2012 [Update 5:11PM]

Update 5:11PM: Hat tip, Rocker in comments.
Update 5:05PM: NYAD daily count:
Update 4:53PM: VIX daily. Looks like a bullish falling wedge. All gaps lower were closed.

We are a squiggle away from completing a 5 wave sequence from the 1202 SPX low.
The larger picture:
The 5 minute charts show one more rise above 1254 would do the trick. Therefore any gap up open tomorrow would be sold very very hard into.

In fact the last wave would count as a tiny expanding ED pattern if there is an up open tomorrow.
5 minute chart using SPY.
After Friday's head fake down (hey I called it correctly in Friday's update), the real deal could occur tomorrow.  When at major bottoms, the market shows signs that it wants to rally. In my opinion, the opposite is happening now. This market wants to sell off.  

The equity-only put/call data CPCE finished the day at .40.  That is extreme.  Corrected: .53 closing price.

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