10am update - opening minor gains

US equities open a little higher, but look increasingly vulnerable to turning red. The sp'2119 high will likely hold in the immediate term.. with a break under the sp'2100 threshold due. Metals are losing initial gains, Gold +$4.... a rough spring is ahead.


sp'60min

VIX'60min

Summary

*opening black-fail candle on the VIX... not exactly inspiring for anyone on the short equity side.
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So... opening gains, but a net daily decline looks very viable.. which (shockingly) would make for the 4th consecutive daily decline. Indeed though, ironic that 4 days of declines will still only make for a net decline of 1-1.5%.

A twisted market where all the old rules are reversed.... elevator UP.... and stair step down.

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Notable weakness...

Oil/gas drillers, RIG -2.9%, SDRL -4.8%

Momo stocks, inc, TSLA -2.1%
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10.08am.. Nasdaq 4993....  and clown finance TV getting marginally excited about the 5K level.


10.37.... and so there is Nas' 5K... only took 15 years.

Next level...5132.. .a monthly close in the 5200s effectively offers 7k... and then 10k.. before the next blow up.

Ohh how everyone will be 'so surprised'.