Rollin' Snake Eyes

I reduced long exposure further today, as the market selling we are seeing is much more intense and steady beyond the Facebook news and that stock's weakness.

Moreover, the VIX back over 20 as I write this and even the most attractive longs like ANF are not convincing enough to compel me to put on new long inventory at the moment. 

On the Dow Jones Industrial Average's ETF, below on the daily chart, we can see the weakest of the major averages of late breaking a triangle consolidation lower, at least initially. Dip-buyers are known for their many stick saves over the years, but I am in no rush to front-run another miracle recovery given the looming FOMC this week and a general sense of late-winter cabin fever from most market players dampening risk appetite. 

Dip-buyers rolled snake eyes in their attempts thus far today. It will take a complete change in tone and tenor today to get them back on the hot table they have been accustomed to playing on for a while now. 

More in my usual Midday Video for Members.