12pm update - WTIC Oil goes sub $50

US equities continue to slide...with the sp'500 lower for the fourth consecutive day (ohh the humanity!). VIX is confirming the market concern about a GREXIT (Greek euro exit), but that still seems unlikely in the near term. Oil continues to spiral lower, -4.2%.... losing the $50 threshold


sp'60min

USO, weekly'2, rainbow

Summary

*possible spike floor on the smaller 15/60min cycle, but the next target of sp'2020/15 zone looks set to be hit, but more likely tomorrow.
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The decline in Oil continues... and now we're in the $49s. Next support zone is around $45 (a level Mr Carboni was touting just a few months ago). Armstrong is open to a test of the 2008 collapse lows.. in the 35/30 zone.

With Oil still sliding, energy stocks remain under severe pressure....

CHK -6%
RIG -6%, SDRL -8.5%
BTU -7%

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VIX update from Mr T


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time for lunch... back at 2pm