US equities have surprisingly unravelled, with a complete fail of the bullish F flag. The sp'2039 low now looks likely to fail.. next level is 2022/20.. which should equate to VIX making a break into the 17s. Metals remain weak, Gold u/c. Oil remains under severe pressure, -3.3% in the $45s.
*Dow -253pts..., with IBM -2.5%... greatly impacting the Dow. XOM and CVX are also a major problem.. in danger of losing key support.
It has been a real mess of a morning... opening decline.. minor whipsaw up.... but then a MAJOR fail.. into the low 2040s.
The 2039 low looks set to fail... which would offer a rather nasty net daily decline... as low as the 2020s.
Even if 2039 does not fail in this down wave... it would still bode for renewed downside next week.. from the 2075 level.
VIX update from Mr T. due...
*failed to appear!
time to cook
12.28pm... sp'2046... vainly trying to make a floor, but as things are.. the weekly cycles are set to close the week bearish.. which sure doesn't bode well for next week.
Oil still weakening, -4.0%