Market Update

Intraday market momentum is fading. Around 11 a.m. when the USD/JPY gave out and would carry the SPX no further, guess what kicked in... HYG, almost on the nose, it seems one lever or another needs to be used to get this ramp going and keep it going, but intraday momentum on 3C indicators is falling in a number of places, it's obvious on some of the averages such as the Q's and IWM and now even HYG which is starting to have an effect on the SPY, but it is very noticeable in the 2 and 3 times leveraged market average ETFs with one of the most impressive being SRTY, the 3x short IWM ETF.

I may have something for you too on AAPL, you may recall AAPL being used as a proxy for the market this week because the market had no accumulation of its own, not even at yesterday's Crazy Ivan break below the triangle that builds upside momentum, however AAPL did, I swore I would not take the AAPL trade because I wasn't going to trade against the primary undercurrent, good thing I didn't, but iit may be a little ironic that AAPL finally fired off yesterday. However today we are seeing the AAPL divergence that was being used as a proxy for the market come apart fast as it migrates through at least 4 time frames already just today.

More in a bit...