Monday 9 March 2015

10am update - opening reversal

US equities open a little higher, but a reversal appears underway... not least reflected in the VIX which still managed to open higher. Metals look vulnerable to turning negative, Gold +$4. Oil remains weak,


sp'60min


VIX'daily3


Summary

*upper bol' on the VIX daily chart is arguably important... and is offering the 17.50/18.00 zone... as early as today... but a little more viable tomorrow. That would be suggestive the sp'2040s are 'briefly' possible.. before the broader upward trend resumes.
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Nasdaq is already red.... rest of the market looks set to follow. It remains possible this could all just be annoying chop for a few days.

What does seem pretty safe to say... sustained trading action (as in a few daily closes) under sp'2050 looks highly unlikely.


Notable weakness...

Energy stocks, CHK, -4.7%... as Nat' gas -4.3%
AA, -4.5%, having made a purchase.


10.44am.. well, so much for the opening reversal.. but still... new lows still seem due... whether late today.. or tomorrow.