Keystone's Midday Market Action 12/7/11

SPX 1253 was ruptured at the open so further weakness followed.  Copper, as measured by JJC, fell under its critical level for 15 minutes, but has since recovered.  Watch the JJC 45.40 level, if it fails, the broad market weakness will be locked in for today and selling will increase.  The Nasdaq is in the lead on the down side so this provides street cred to the bears.

Note Added 12/7/11 at 11:31 AM EST: JJC is moving back up and you see the broad markets drifting a bit higher.  Copper is running the show today. Watch JJC 45.40.  The Nasdaq continues to lead the downside so this is a feather in the bears cap.

Note Added 12/8/11 at 6:05 AM EST: JJC stayed above the 45.40 level the remainder of yesterday's session so the broad indexes floated upwards into the close.  SPX jumped large at 3:15 PM. Note that the VIX was up 2% on the day which keeps the bears happy. Futures are red currenlty. Now awaiting the ECB rate decision, should be a quarter point, and the Claims data at 8:30 AM.