This morning had promise, but when support quickly gave way, the buyers quickly faded into the hot summer weekend. Its bearish Friday and there is a spike in the VIX. The pre-weekend swoon has been one of the more predictable events in the recent down trend but it generally signals we are near bounce in a day or two.
There are also talks that the margin clerks are still at work after the sudden oil drop yesterday and could last a couple more days. The Greece austerity vote next week and possibly spreading of the contagion into other European countries and banks weighed on the action all day. I don’t see any harm in waiting until Monday and having a relaxing weekend.
