Midday market watch (1:50pm ET): Considering the escalation in tensions between Russia and the Ukraine, I'm amazed that the market isn't a lot lower. In fact, the major averages seem to have already bottomed. Market internals are showing that the bulls have regained control and heigtened VWAPs on the plus side indicate that people are taking advantage of the temporary discounts. However, this ebullient rebound could be just temporary phenomenon especially if the Russian situation takes a turn for the worse. If heightened volatility has you reaching for the Pepto Bismol bottle, waiting it out on the sidelines may be the best place for you right now.

1:15 pm ET: Intraday support/resistance:
SPX 1828.25/1857.75
DTX 723/734
DJIA 16020/16320
Nasdaq 4240/4280
RUT 1165/1175
VIX 15.4/16.9 (rising VIX is bearish)
Trin range: 0.9 - 1.25 (falling Trin over Friday is bullish (!))
Average VWAPs: +91/-50 (bullish)