Update

I'm just looking around and seeing if there are any moves I want to make here, I'm inclined to err on the ide of patience here and not make any moves for the moment.

After looking around more, the move started as NDX and R2K futures both crossed above VWAP so it was almost certainly algo driven, the futures are bumping up against the top VWAP band with distribution signals so I don't want to go long here, but I also don't think this is worth shorting.

TLT, VXX were used and HYG gave support.
However the Euro is losing support for the market and the Dollar is gaining so it will be pressuring it, I just don't see this as a time to be making any moves other than maybe taking some short term trade profits if you have them as I think you'll be able to buy them back cheaper generally speaking.

So What's up with that move?

Anybody have anything? The best I see is the SPY, QQQ and IWM all crossed in to the green about the same time, maybe that triggered an algo to start buying.

I believe Putin and Merkel were assualted by a group of naked women-no really, that happened, although I don't know why that would move the market.

At almost the same time the carry pairs of EUR/JPY and USD/JPY also took out intraday resistance moving to a new high, but that's a chicken or the egg thing.

Also about the same time, ES broke above VWAP which it had been over, but just not moving to the upper channel until all 3 averages made that new high and above the congestion just above VWAP, that could trigger algos too.

ES 1 min VWAP

Charts seem to be confirming original gut feeling

I didn't like this move from the start even though that is what we were looking for today or in the very near term, but it just didn't do the work.

Here's some charts now that seem to confirm my original gut feeling, I think this move is going to give it all up and maybe then it can do it right.

 DIA 1 min negative

 2 min never saw any strength migrate to the chart, stayed negative

 IWM 1 min leading negative

 QQQ 1 min REALLY leading negative

 QQQ 2 min also no strength migrated over, leading negative even at the highs.

SPY 1 min leading negative

TICK isn't going along

 The Intraday Momentum Screen is negative in every window.

You can probably make a few bucks fading this move if you are nimble.

IWM $91 Call Fill

I decided to keep half to take some risk off the table with a move I don't trust, but keep half just in case and because I think I can still add to it at lower prices if my gut feeling is right and still have a decent position.

With a $1.34 fill, the position made 14.5%, not a great gain since holding them since last Wednesday, but this wasn't about the gain.

Selling Half of the 4/12 IWM $91 Calls

ES and NQ Futures

The SPX and NASDAQ 100 futures aren't buying it either.

 That's all ES put in for a positive divergence and now it's leading negative

NQ never even went along, leading negative big time.

Maybe it's algos, I still think it doesn't hold

GOOG Charts

This is what we should have seen today... This chart is putting in the time, it's doing the work to create a base that can hold a move, even though I'm looking forward to shorting or adding to shorts on that move at some point pretty soon.

 1 min chart putting in new leading positive highs today with a nice rounding "process", not an event like AAPL and the market

 2 min leading positive with a new leading positive high today

 3 min leading positive, no weakness there.

 5 min chart built at the a.m. lows and again at a little double bottom with a larger divergence as it should

And of course it's longer term chart is ready to go like AAPL's.

AAPL is another one...

I'll show you GOOG next, GOOG is putting in the time.

 AAPL 1 min still never came around, this looks like selling in to this move.

 The 2 min chart really didn't put in much of a divergence

 Nor did the 3 min chart, at least it did something, but not enough.

The 5 min chart looks great, this is what they all should look like.

Some SPY Charts

Well if this is the move and it holds, I'm not going to complain, short term positions will be green and we got what we were looking for, but I'll show you why I'm skeptical of this move in particular.

The 1 min chart didn't build a decent positive divergence and thus far there's not confirmation yet, although that could just be lagging a bit.

  The SPY 1 min (and my concern is over the intraday charts, the mid-term charts I have no argument with, they look like the market is going to put in a decent mov to the upside, but this almost seems as if it is a knee-jerk reaction to something.

It was building a decent little accumulation zone, but the way it left it was unusual. So far the 1 min is in line, the 2 min chart is not confirming the upside move yet, although it may just be lagging a bit.

 The 3 min chart really doesn't look like it accumulated much and no confirmation thus far.

 The 5 min chart is where they needed to swing positive and this didn't do that except last week, again no confirmation.

 The 10 min needed to swing positive near term, it didn't other than the leading positive it already put in last week.

I would have expected a deeper pullback to at least create a range somewhere around the green arrow and trendline.

The 15 min chart is in good shape, it's a go, it's just the shorter charts, but hey, breadth is so weak and last week did put in some leading positive moves, maybe, I just wouldn't chase it or put any more long positions (unless they were outstanding) in until this resolves a bit.

I still have a feeling this is based on something, a knee-jerk to some news or correlation, maybe even an algo program.

Like I said though, if that's it, I'll still take it, just more cautiously.