Market wrap-up

In a very thin market, we had a lot of the temporary rises even briefly but finally dropped to the lows in SPX with the BKX turning south finally. We are getting closer though to the low, as the VIX turned into a small gain and counted the 13 daily, which is an alert for a low shortly. The SOX turned into a reversal with a daily 13 and signals a low is due as well. Other pieces still have not reached the areas where one could call a low is around but we are talking of a temp low anyway at this stage. The rate cuts due by the FED and ECB will likely help to trigger a little rally though, starting after the elections probably. We need to follow closely the various parameters to see if the signs for a low is in place. I still think we need to go lower from here and test the 800 SPX area to have a good starting point for a severe low.