Oktoberfest is Over; Now Comes the Hard Part for Germany

The selling in equities is picking up a bit of steam into the New York lunch hour, as semiconductors did indeed flip red despite the AVGO gap higher. The volatility ETF, VXX, is back over $19. And the IBB, biotech sector ETF, is under $330 and wobbly. 

We are primarily focused on tactical shorts inside Market Chess Subscription Services, with only the Under Armour short representing a confirmed major top, for now. 

Still, bears have a chance to press further in the face of dip-buyers failing on their usual attempt this morning. 

Germany is also rather weak, after the Draghi comments. On the country ETF daily chart, below, the potential--and I stress the word "potential"--inverse head and shoulders bottom is likely rendered null and void with a move back below $26 now. Indeed, the hard part comes now for bulls in the European Bourses, as Draghi may not have been dovish enough. As expected, the Euro is staging a counter-trend bounce from beaten-down conditions.

I will cover those topics and plenty more for Members in my usual Midday Video.