US equities open a little lower, but market is already showing many signs that this was just a little washout ahead of a move to the sp'2075/85 zone. VIX is similarly reversing, with an early black-fail candle, set to turn negative. Metals are bouncing, Gold +$5.
*black-fail candle on the VIX... bears... beware!
A rather amusing open... no doubt some bulls are getting washed out.... but within minutes... the market is already starting rebound.
A move into the 2075/85 looks VERY viable today... along with VIX 14s.
10.28am.. Hmmm.... energy is causing problems.. not least in the Dow, with CVX and XOM dragging the smaller names lower.
VIX is higher.. but still... only moderate gains.
Unless we go <2045.... the breakout from yesterday is STILL holding.
10.31am.. 50% fib retrace is sp'2052... high chance of flooring around here... not least with typical turn time of 11am... fast approaching.
.. and no.. I don't think Oil will break the key floor of $43 today... or next Mon/Tuesday.