Quick Market Update

Again, a.m. trade is by far my least favorite, many traders (especially West coast-perhaps for other reasons) won't even start trading until after 11 a.m. because of the misdirection in early trade. but once Europe closes we tend to see the real character come out.

Thus far things are deteriorating pretty quickly today...

The CONTEXT model has slipped from -16 points to over -20 at -22.54 in a short period of time, risk assets in general are on the run.

The intraday SPY chart

The same chart backed out to include yesterday (trend).

And to confirm this weakness, the TICK is very low, more stocks losing ground than holding.

We have to stay alert for changes, especially as Europe closes, but thus far the early trade (with the limited weight I give it) does not look good internally.