Tuesday, 14 July 2015

10am update - opening chop

US equities open with minor chop, stuck around the price gap zone of sp'2098/2101. VIX remains subdued in the upper 13s. USD is cooling, -0.4% in the DXY 96.40s. Metals and Oil are broadly flat.



There remains threat of a wave lower to the 2085/80 zone... but regardless of that.. market still looks headed broadly higher into early August.

notable weakness, airlines, DAL/UAL, both lower by around -1.6%

*EXITED INTC-long.. from $29.90.. its been annoying me lately... I am still bullish to the 31.75/32.00 zone... but for now.. I'm outta it. Naturally it breaks higher to 30.11 a few minutes later.

Seeking a broad market ceiling around 11am.. and then weakness into the 2pm hour.

10.05am.. Big price gap in the VIX..... that is my concern about being long in the immediate term.

With Yellen tomorrow morning... market could use it as an excuse to shake out the weaker bulls.

10.25am INTC already cooled from 30.11 to 29.77.. maybe 29.50s tomorrow morning?

From a pure cycle perspective, market looks vulnerable.. at least into this afternoon. That micro gap around 2080 would match up with VIX in the mid/upper 15s.. .tomorrow morning.

10.30am. At the current rate of decline, the VIX will hit zero in 5-6 days. Clearly that ain't happening...  and it does look like a short term equity peak is due.

notable strength, oil/gas drillers, RIG/SDRL, higher by 3 and 4% respectively.

10.42am  The micro 15/5min cycles are set to floor....  with VIX 13.14.

Equity bull maniacs getting a rather natural time to exit... with some stocks having maxed out almost an hour ago.. notably.. INTC.