Market Update-

2 p.m. is just getting more and more interesting on Friday's, it use to be 2-3, then 2:30, now 2 p.m.

In any case, I'm not panicking although I'm a little tired of this (short term trade) as there are longer term positions like TWTR that I'm very interested in.

Like yesterday, there was an effort to move the market down right in to 2 p.m. (except yesterday was non-specific as to time), on the other side of the coin, there are some stronger positive divergences now than I'd have expected.

I was wondering earlier if intraday support would be taken out today or not, in some of the averages we have an answer to that question, but otherwise I'm sitting as patiently as possible and observing.

For some reason I can't upload charts right now, but what you would have seen is SPY 1 min intraday go negative just before the 2 pm hour and the downside reversal right at 2:02 or so. Otherwise most SPY intraday charts are in some version of inline or leading positive with the addition of a leading positive chart in the 10 min space and a daily "Tweezer" bottom chart.

DIA you would have seen the same thing on the 1 min as the SPY and a leading positive 10 and 15 min chart, these only went to 5 mins yesterday.

The QQQ breaking intraday and recent support as I wondered about earlier, stops or orders hit there and the 2 min positive on that move as well as a weak 10/15 min positive.

IWM 1 min like the rest, 2 min positive on the move like a head fake and leading positive at 5 mins still, as if nothing happened.

The VXX, an earlier negative when I mentioned the SPY arbitrage and just about every chart from 1-10 now negative and HYG with a fairly strong leading 2 min positive, again the SPY arbitrage.

TICK data is still positive on the SPY out to 10 mins, and recent intraday is turning positive again.

So, it's not time to overreact, but to pay attention. The run of some stops right at 2 p.m. is interesting, so are the 10-15 min charts that are positive.

Still sitting here with all of the longer term shorts in place and only the trading portfolio with the long exposure on a short duration basis, all the same positions as mentioned before.