Market intraday reversal?

It seems that we have an intraday reversal that is now forming: we are back where we started on SPY.
This means that the new highs have been rejected.

Not good! I doubt that an EOD liquidity push will help, even though we are now bouncing off the days' support.

Let's not forget that leading stocks at apex fall quicker than the rest.

If we have a correction from here, always first cut the worst stocks.
Why would I believe that a correction is coming?
Maybe because I think that all the good news is priced in (Debt Ceiling solved, AAPL rotation, QE)

The wild card is of course the Fed liquidity. This is what kills the VIX and any possibility of entering short trades with conviction.

I however have a psychological SU on-going short trade as well as a short Oil.
I day traded AAPL, which does not show a convincing bounce for now.


Pascal

[ATTACH=CONFIG]17056[/ATTACH]