Trader Update -data point 22 November 2011-

...the SPX 500 extended the breakdown from the 3-week wedge in a deeper sell-off past the 18 October 2011 Low *1191.48 and challenged the 50% retrace of the 4 October 2011 to 27 October 2011 rally *1183 before turning up to close *1192.94 - above the 18 October 2011 Low *1191.48

-the VIX added just another 0.72 goosebumps to yesterday's Close *32 on the sell-down

-Trin: +2.68 close to ueber-bearish

...so far in the play, the bounce off the *1183/*1191 level provided the first stepping stone to support expectations of the SANTA rally into year end 2011 targeting weekly upper channel resistance current *1343 - however, as long as weekly trendline resistance current *1222.70 caps the upside, risks to extend down remain extremely high

 Trade: buy current prices  target: *1325 stop: *1175

Kind Regards