EMB getting hit pretty good along with EEM.  Wonder what's going on?

$VIX coming up on support here; however, by the nature of how it dropped, it sure seems like it wants to keep plunging lower.  Implications on the market?  Markets don't top on really low $VIX readings -- usually they top on $VIX divergent readings.  If $VIX breaks down here, the melt up might continue for many more weeks.

With both stock markets and housing markets (hot ones) hitting all time highs, the homebuilders sure ain't buying the hype.  D.R. Horton 37% off its 52 wk high and looks very much like a HS topping pattern.

A few points about today:

1) it was an inside day for most indices.  Yeah, big up day, but still not really doing anything trend-wise.

2) $NYMO was pretty pathetic today -- I suppose this is a breadth indicator.  Closed outside the bb yesterday, then back inside today; however, for a mini-"kick-off" move, it was a pretty lackluster reading.

3) $NYAD cumulative was also lagging badly today -- usually makes a new high in advance of the $SPX (typically in this 4+ year bull) -- but it is quite far from that.

Anybody have some good breadth indicators they use?

I think it was part of a large economic conference featuring many speakers; don't think it was a prepared statement, but rather a roundtable discussion -- maybe we'll read about the content this weekend.

I was too chicken to buy yesterday    even though none of them broke support.  Unless this breakout fails, seems there are many days left in bank rally.  Amazing to see US banks become a safe haven as global markets turned down hard this week (brazil, china, emerging markets in general).

Massive day for the banks

Instead of hedging with options, there was a heavy sell-off on very good news today.  Much different than the gov't shutdown scares of last December and Sept.

FB: Open 42.05; High 45; Low 38; Close 38.23 on 580M shares

TWTR: Open 45.1; High 50.1; Low 44.0; Close 44.85 on 117M shares

Pretty crazy stuff.

small caps just underwent about the biggest correction all year.... about the time when the switch gets flipped and bots go wild.  But this time, $VIX is subdued.... bonds are subdued.... no fear at all.  Lots of puking, but $VIX has a long way to go.

China looks pretty weak, but the Nikkei is a massive coiled spring right now.  Amazing how much stuff seems to be hinging on the Yen.... Some follow through on Japan could see it at that support line very soon.

Particularly hard hit were Spain and Italy -- lots of interesting action today.

If SPX wants higher prices, I think banks and financials could get them there.  Thoughts?

Check out the daily volume on SOCL today breaking some key technical levels.  Don't know if the top is in for this bull, but SOCL has all the makings of a parabolic mania that is rapidly ending.  Read a funny tweet: for people buying TWTR, keep in mind, your local corner store and your paperboy are more profitable than TWTR.  It could very well be that in 1-3 years time, we all look back at this and say "wow, very few people made money on this deal..... and Joe Public got screwed".  

Seems like either people are freeing up money to use to buy TWTR, or are using the distraction to try and get out of Momo stocks, but all of them are getting smoked today -- LNKD, Z, FB, TSLA, SCTY -- you name it, it's getting whacked.

Looks like it will open at resistance, but unless we reverse, this is only a possibility.

$DAX now slightly exceeding the price aspect of this symmetry off the 09 lows.  Also some fudging in there with when this uptrend actually started (sept or oct 2011).

Looks bear flaggy?  Wouldn't surprise me to see some more grinding higher in indices if $vix breaks down.... particularly because that would negate a lot of the $VIX divergence that was in place.

http://business.financialpost.com/2013/11/01/property-hot-spots-from-canada-to-china-renew-easy-money-bubble-fears/

TLT down 1.8% on the week despite Yellen warming up on deck and some lip service that taper talk is nonsense and QE will continue.

If anybody wants to see what a "crowded exit" looks like in physical terms, here it is: some Chinese exchange (not quite sure what) where real estate speculators are trying to cash out before some new policy is enacted. 

The last 3 up days in the $SPX have been with a declining $NYMO.  This has not been a very reliable indicator over the last couple of years, but having said that, don't remember 3 straight days of divergence.