Keybot the Quant remains short after a sideways day Thursday. RTH 41.35 and SPX:VIX 68 are in the bull camp and XLF 15.18 and VIX 18.14 are in the bear camp. None of these four characters changed as the day moved along so markets stumbled sideways. After the close, JPM releases bad news concerning two billion in losses from poor trading practices. Global markets are lower with the banks around the world receiving a hard slap in the face. The XLF was already in the bear camp. Therefore, watch the retail sector and SPX:VIX ratio mentioned above to see if they jump ship and join the bears after the open.
Remember, keep an eye on NYA 7620, now at 7853, since a drop under 7620 signals that markets have fallen into a secular bear pattern. For the SPX today, starting at 1358, the bulls need to touch 1366 to accelerate the upside. The bears need to push under 1355 to accelerate the downside. A move thru 1356-1364 is sideways action but it appears that the markets may lose the 1355 level at the open due to the weak futures at this writing. The market action will be updated once Keybot print's the pre-scheduled number at 10 AM.
5/13/12; 7:00 PM EST =
5/11/12; 10:00 AM EST =
5/9/12; 1:02 PM EST = +0 signal line +17
5/9/12; 12:44 PM EST = -16 signal line +18
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