Organized Chaos

Stocks are still sporting a mild bounce into the early-afternoon portion of the session. It sure seems obvious that the S&P 500 is forming a double-bottom, seen the 30-minute chart of the SPY, below.

However, the concern would be that it may be too obvious, with too many eyeballs on it and not enough traders positioned for further downside. So on the surface the pattern may seen like an organized double-bottom, I suspect if the S&P cash makes its way down to 2120 again this afternoon we may see some chaos ensue. 

The AAPL surge may be helping to stem the tide of worries for now, though, given how widely-owned and widely-loved the stock still is. Nonetheless, the crude oil weakness after this morning's inventory report is probably cancelling the AAPL strength out, amounting to a "push" for stocks. 

More on some specific trade ideas in my usual Midday Video for Members.