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Intraday Market Notes -- August 8

3:15 pm ET: The bull/bear struggle is intensifying which is being reflected by heightened VWAPs (on both sides). It appears, though, that the major averages are staging a repeat of yesterday's action by slowly falling off their midday highs. A rising VIX suggests that the market may continue to fall going into the close, but as always, there's never any guarantee especially in this crazy market where rumors, hopium, and the vagaries of algorithmic trading are putting artificial pressure on price movement.

Commodity & Sector News: Commodities continue to advance with one notable exception being the Sugar etf (NYSEARCA:SGG). The stock hit a relative high of $90 a couple of weeks ago and has fallen ever since. Today it broke its $80 support level and appears to be heading towards its recent low of $70. The issue has thinly traded options.

Turning to sectors, the Retail etf (NYSEARCA:RTH) scraped to a new high. It's much more heavily traded brethren, the XRT, is trading at the upper end of its current range, a few dollars off its all-time high of $63.

There's not much else happening today, but considering that the market is at an inflection point, the way it chooses to move tomorrow may be very telling in regards to longer term price action.

Stocks: SGG, RTH, XRT