Wednesday 10 December 2014

11am update - market weak, with oil collapsing

Equities are increasingly weak, as the energy sector is smashed... due to a renewed collapse wave in Oil prices. WTIC Oil is lower by around -4%.. set to lose the $60s today. Next support is rising trend.. in the 57/55 zone. VIX is holding sig' gains of 10%... set for the 17/18s.


sp'60min


Summary

So.. yesterday's latter day bounce was indeed just a 'stupid bounce'... if a disturbingly powerful one (not least in R2K).

Most energy stocks are getting destroyed...

RIG, SDRL, breaking new multi-year lows, both lower by over -4%
Coal miners... BTU -4%
CHK -4.4%
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Equity bears should be seeking a break of the sp'2034 low... and that opens up 2020/15 by the Friday close.

VIX is certainly confirming today's weakness, higher for the third consecutive day.

VIX'Daily'3

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time to cook... back soon