Market Update

I see the Stock Market everywhere, I see it as a spiritual exercise, I see it as a form of human psychology, I'm an avid fisherman when I have the time to drive 1 mile to the ocean (pathetic right?) and I see it there. Sometimes you get a tricky fish and I love to fish for Snook, one moment it feels like you're snagged on the bottom and the next the fish is exploding out of the water throwing your hook.

Right now the short term charts of the market look horrible, so much so they have me a little concerned about the longer term charts as my opinion has been so far today that the market will pullback (short term charts) and make another advance (intermediate term charts) before it gives up the ghost (Long term charts).

I'm trying to decide because there are some positions we might be interested in as shorts up here like, GOOG, yes, GOOG.

So I'm looking at leading indicators, Credit is holding up pretty well intraday, some others like HIO and FCT are not.

The $AUD and Euro are not holding up well and the $USD is advancing intraday at least.

Yields are not holding, HY Credit is not holding and commodities are falling off the map.

Something seems VERY bearish here and now.

I'm going to look some more, but I might be inclined to look at a weekly Put on any of the averages, but have the expiration be next week, not this week or maybe even a monthly.

Oh, take a look at CONTEXT...

a nearly 27 point differential, that's the biggest we have seen.