Quick Market Update

Intraday charts of the averages added a bit more upside since the last look at them, however they look like they'll be seeing downside in to the close, although I wouldn't be surprised if most of them closed green for the day as yesterday's internals suggested.

I will NOT be entering any short term market average (SPY, QQQ, IWM) puts at this time. If you are a very nimble day trader and up for a very speculative trade, then it may be worth a shot just in to the close.

There'
s not enough deterioration on charts like the 5 min chart for me to trust that this move is completely over and that we don't see an attempt at additional upside tomorrow. I'm not saying this is a probability, but there's simply not enough evidence to rule that out to carry a short or put trade of the averages over night in my opinion.

Example of near term intraday deterioration in to the close....

 QQQ 1 min intraday hasn't improved at all (3C) since closing the VXX puts, while price has a bit. It looks like on an intraday basis, the Q's are about to decline in to the close although they will likely still hold a green close by the EOD.

However to enter a put position, I'd want to see this stronger 5 min QQQ chart looking just as bad and the fact is, it doesn't. IT appears to be almost inline with some slight weakness, not enough to have strong confidence that the Q's (or any of the averages) will see highly probable downside tomorrow. Thus I'd rather wait for the signals to look highly probable rather than mixed.