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Refer to Argentinian default back in 2001 to see what kind of consequence bond and currency melt down might have on the equities. Truly scary stuff (if you're short that is). See what happened to their equity index from late 2001 until 2008. http://finance.yahoo.com/q/bc?s=%5EMERV&t=my

Probably means a little buying action again will easily pop this thing up another 5 points. :D

ES does have 3 peaks since late March connecting to form a TL resistance while SPX still seems to have a breathing room for 7 or so more points. Kind of makes this area a low probability zone for long or short me thinks.

It's possible we stay in the top 4 pt range for the rest of today and the impulsive direction gets resolved tomorrow (so buy 80 sell 84, the opposite of what you guys say :P). In any case, given half the usual volume it's not worth a while to play big this afternoon.

Hmm. . .acting very exhausted in this area so far.

If today shapes up to be a trend day (so far it does, with volume concentrated near the high, advance/decline well above 1000 and Trin & VIX both staying lower), I think 89 is in play on ES this afternoon, barring, of course, a rate hike by the Fed :D.

Hmm. . .that darn trin just won't go below 1. Wonder what's up.

Case against: Advance/decline isn't really having a follow through like the price and trin has been above 1 for the last two days contrary to mildly bullish price action (distribution?). However, we might catch some major fire if/when stops get hit and trin drops below 1 (no more selling...

Incredible. Do you guys think this thing has enough fuel to reach high 70s today with shorts getting caught looking for a correlation to the European markets in the afternoon as well as H&S formation that's about to be voided? (Personally. I think it's highly possible now)

That's what I thought too initially along with H&S but ES is acting like it wants a short squeeze to close. . .but to where? 65? 70?

Hmm. . .lower low seems unlikely now, but how much higher would it go?

www.dail*****.co.uk/news/worldnews/article-1260975/BREAKING-NEWS-South-Korean-ship-100-board-sinking-torpedo-attack-North-Korea.html#comments[/url] An unrest in Korea; we might get H&S targets today just because longs might get cautious for the weekend (I see min around 52 and max around 48)...

Looks like a H&S with higher lows that will be resolved to the upside first and then fail (due to some heavy resistance 10 pts above us) imo :D.