The broad indexes launch at the opening bell. The positive FDX news has the bulls smiling. See if the SPX can punch up thru 1442.50 to create an upside acceleration and establish the bulls in control for the entire day forward. The utilities sector jumped at the open, then promptly fell on its sword. UTIL is 478.28 well under 481.36 so bears smile. Watch the VIX action at the 50-day MA at 15.44. The bears wil be happy above, and bulls below. The bears need to see VIX 16.90 to create strong market selling action. The 200 EMA on the 60-minute chart is 1440.44 so pay very close attention to this, now bullish, it will tell you a lot about the strength, or weakness, of markets. Above 1440 and bulls are happy, below and bears are happy. The 8 MA remains under the 34 MA on the 30-minute chart which indicates bearish markets for the hours and days ahead. The Nasdaq is up 0.63% with the SPX up 0.58% so tech is leading, give the bulls their due, albeit by a smidge. The first and only Vice Presidential Debate takes place tonight, a cage-match between Biden and Ryan.Note Added 10/11/12 at 9:47 AM: The bulls know the importance of UTIL 481.36 so they keep pushing. Also, the bulls need SPX 1442.50 and higher today. The fight rages on. Keystone looks outside to see the mountains of leaves that require Fall clean-up attention.Note Added 10/11/12 at 11:12 AM: The bulls are trying to keep the SPX above 1442.50 to start an upside party. UTIL is under 481.36 but climbing and now printing the highs of the day at 480.35, now only a buck away. The SPX is up 0.67% while the Nasdaq is up +0.63% which shows that tech lost its upside leadership, this is why price is having trouble moving thru 1442.50. If the bulls can move UTIL above 481.36, that will launch everything. Bears must prevent UTIL 481.36 with all their might and keep the SPX under 1442.50. Whoopsies daisies. The SPX fell under the 200 EMA on the 60-minute at 1440.45, bearish.Note Added 10/11/12 at 1:58 PM: Keystone was busy losing the battle with the oak leaves and missed the excitement with the utilities. Do you think UTIL 481.36 is important? Price punched up thru at 1:20 PM-ish but failed after three minutes. Then UTIL came up for another back kiss at 1:29 PM exactly tapping 481.36, resulting in failure. UTIL now has a 479 handle. The Nasdaq is red, silver is red, the SPX is at 1435 S/R. The SPX 50-day is 1427. VIX is 15.76 where bears have a slight edge since price is above both the 20 (15.10) and 50-day MA's (15.44). Note Added 10/11/12 at 3:58 PM: Keystone took profits on TWM exiting the trade. Will look to reenter tomorrow. Also bot FAZ as a dangerous 3x ETF inverse trade on the financials ahead of the JPM and WFC earnings in the morning (FAZ is a bearish bet looking for weak earnings; FAS would be a bullish bet looking for blowout earnings from JPM and WFC).Note Added 10/11/12 at 4:15 PM: When Wednesday is down from 8 to 10 SPX handles or more, markets will typically not bottom on Wednesday since Thursday usually provides a lower print 80% of the time. Price did come down to print at the same levels as the close yesterday so we will say the guideline worked. Interestingly, this guideline has ran into trouble over the last three or four times; this is probably due to the nature of the odd market action this year with European drama and central banksters causing market mayhem. The bulls made a run at UTIL 481.36 and failed. How does Keystone know these numbers to watch in advance? Tomorrow at 4 PM the UTIL 478.43 number will become important since Keystone's algorithm will track 478.43 all next week. So there will be lots to sort out tomorrow, with the banksters JPM and WFC reporting before the bell and setting the tone for the day. Markets will pivot on the Consumer Sentiment number at 9:55 AM EST so pay attention thru the first half hour of trading tomorrow, which is setting up to be a pivotal market day. The new moon is on Monday where markets would tend to be weak, as well as the trend of weak Monday's may continue. OpEx Tuesday into Wednesday is usually an up move, so markets should place a very short term bottom perhaps late Tuesday morning or afternoon, so tomorrow's action will help set up the market flow into early next week.Note Added 10/11/12 at 7:46 PM: AMD took the pipe AH's tonight down 9% after they lowered their Q3 forecast by 10% rather than the previous 1 to 3% due to across the board chip weakness. This sector is wild these days with AAPL, HPQ, INTC, DELL, MRVL and others providing lots of drama. HPQ, DELL and AAPL are all providing weaker guidance due to either slowing demand or production and parts issues. Keystone holds AMD on the long side, the 3.2 level was always suspect for a potential drop to 2.7-2.9 and this news will likely send price there tomorrow. The stock is already beaten beyond recognition so it will be interesting to see how the stock reacts tomorrow. Earnings are next Thursday and the thought would be that they threw the kitchen sink at it tonight so the news will not surprise to any great extent next week, but, with the spec plays you never know what may happen. Keystone will continue to hold AMD. JBHT popped 6% after hours so this is encouraging for the trucking industry, Trannies and shipping. The Veep Debate is about an hour away this evening. JPM and WFC will set the tone tomorrow.