sp'60min
vix'60min
Summary
*look for the VIX to get stuck around current levels..very vulnerable.
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Lets get this clear...despite yet another down wave...we know how this tends to end..right?
We've learnt this..after 150/200 previous instances..yes?
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Notable movers: DGAZ -7% @ $6.12, FCX -2.3% - which is kinda odd, considering the other miners are doing very well.
RIG -3% @ $45.40. remains a broken stock, under declining resistance in the $47s. Arguably, one of the most bizarrely under valued stocks.
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*NFLX and EBAY both positive of course..on earnings, and all sorts of rumours.. the latter on a possible Paypal spinoff.
10.29am.. so..the indexes are lower by around -1%. Certainly, kinda interesting, but we're still almost a further 1% above the key level that the bears must break to do any real damage.
*looks like 'Trending waves' has the more likely correct micro-count.
With no QE today, market more prone to sideways chop, than latter day recovery.
Metals/miners building gains, Gold +$26.. GDX +3.3%. Key issue remains.. Gold is STILL under the old broken support.
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10.36am.. key issue... Dow 16174...a break under that...opens up much lower levels. For those 'buying the dip'...this makes for an obvious stop level...a mere 35/40pts lower.
Considering we're approaching the typical turn/floor of 11am....bears are getting a chance to exit here...or at least tighten short-stops.
Market trying to floor at Dow 16200... VIX looking toppy.