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Intraday Market Notes & Observations - June 13

2:25 pm ET: Market internals are reflecting today's choppy action indicating that a bull/bear smack-down is in progress. One wonders, though, what there is to be all that bullish about considering (1) the run on Spanish and Greek banks; (2) this Sunday's upcoming Greek elections; (3) more European countries in financial straits; (4) mixed economic numbers on the homefront; and (5) the refusal of our leaders to make any meaningful commitments concerning the economy, among other things. The heightened VIX is telling us that uncertainty is still with us and likely will be for a while. Until we see the VIX fall convincingly below 20, conservative investors should be staying away from this market.

Other than noting the market's choppiness, there's not much else that's noteworthy. Time to head off to the beach with a good summer read...