Initial Closing Action

I can see how the last post about VXX "Looking good into tomorrow morning" may seem confusing, but I meant it very literally, as in a buy today and a sale tomorrow in the morning most likely.

Just as yesterday when the 1 -2 and some 3 min charts were completely muddy and offered no short term direction, but slightly longer ones did; today most everything in the market looks like it will see an intraday pullback based mostly on 1 and 2 min intraday charts, early tomorrow before it can continue with a move higher or bounce.

It could be (and I can't think of any other reason other than to time the market with a specific event) that these very short intraday charts will pull the market back and it will accumulate more in to that pullback, creating a larger base for the market to bounce from (as of the close yesterday we probably only had a half a day of accumulation, I'm guessing we didn't get much more than that today).

I'll be posting something more comprehensive later under the "Daily Wrap", but here's an example that is virtually exactly the same market wide whether I'm looking at the averages, credit, tech, financials, small caps, URRE, MCP or GS, almost every asset has this kind of look to it (at least for the short term charts we are currently dealing with)...

 This 1 min SPY chart shows why I think VXX will do well in to the morning, as it looks like the market will pull back, but....

The 5 min chart still says the bounce is on and if anything, stronger.

 The 30 min still says the bounce is just that, a bounce and should be used to short in to any price strength.

I think it's a whole lot better than looking at the chart like this...