On the sidelines today...

Obviously the two ST buy signals from the 8th were fulfilled yesterday and thus were taken off the board at close yesterday. I did not have time to really do much last night and as a result the only bias coming into this morning were the intermediate term sells discussed last week vs the bullish implications of the VIX reversal candles from 2 days ago. I preferr to act on statistical odds first and charts second, and so for today i remain sidelined.

looking at first hour of trading however, it does appear as though the general theme today is negative with lower lows and once more an absence of institutional hitting power (i.e. low vol and bulk of volume from speculators). Additionally negative is the continued high p/c readings - either hedging of existing longs in anticipation of a continuation of the down trend or an outright bet on the downside.