QUICK THOUGHTS
Real quick: The fact that the market refused to get up to the 1230-1240 level is a sure fire sign that too many individuals were looking to short up there and it didn't wanna make itself into a cheap trick. It also means that it had every intention of falling and wanted to do so in the least obvious way. A move up to 1230+ would have perhaps allowed too many to enjoy the ride, as there already a lot onboard the bear train.
Also, the way in which it is running away to the downside in the face of obnoxiously bearish sentiment data is a very bearish sign. It means that the market is not flexing or showing its strength/tendency to deceive the way it should. These are matters of fundamental mechanisms that exist within the markets that are being overwhelmed by bears. A sign of a tremendously weak market.
It wants lower.
I'm holding onto FAZ and EDZ. I may add some SPXU today, at some point.
