Interesting day

5 days of the SPY.... See the resistance we have been playing with... You think maybe we were selling off... but seems like we are just hitting upside resistance and have to work through it....

Very hard to be bullish but Art Cashin was suggesting that we were getting to a fairly significant "Bottom" or near term low. he may have even said The B word
I've been saying that it's a 2 day jump from 25-26 on the spy, first to 28 then to 30-32, on the VIX.

Here are 2 counter points.... I'm not saying anything.... I say the most probable thing is a 30vix and a final buyers strike, followed by one of those Orgasmic sell offs.

Point 1. Lots of reversals(sometimes short term) happen on Holli days, the light volume allows the market to go in the wrong direction(short term). One reversal was around thanksgiving... and another was between Xmas and new years(this was short term).

Point 2. I have this thing about something, a trade, that works twice, usually doesn't the 3rd time. so Crescendo sell off on Jan, Crescendo in March.... This time different.

I would also suggest, that if the market figures out that we are near a turning point, the Big Money managers are Loading up early... so it's creating some buying.
I'll also suggest, that from the charts... there is some buying in the consumer non cyclicals, and Health care... and there is buying today in just about everything...except financials and Cancer Cures... Let me point out that Non Pharma Health care is solid..... some of that is on a MRK downgrade... but if pharma is a buy.... it is probably a bear raid by one of the investment banks.

Also... counter trend rallies in A Bear... are sometimes 3 days... which means we may have one more day after today.

with the spike in Vix... the options start getting very expensive... especially to day trade... So it starts pulling some of the momentum out of the market...