Wednesday, 29 July 2015

11am update - pre-FOMC washout

US equities continue to battle upward, with a new cycle high of sp'2102.. with VIX in the 12.80s. Hourly equity cycles are on the high side, and despite the current gains... a daily close >2100 will be difficult. USD is starting to cool -0.1% in the DXY 96.60s. Oil has built sig' gains of 2.2%.. as inventories show a net draw of -4.2 mill'




*washout.. as in the market washing out the weaker bears.

This is getting somewhat annoying (not least in terms of the VIX).... but then.. its a fed day.

For me.. what matters is where... and the style in which we close the day.

As it is, we're now around 2% higher from the Monday low... based on what... good earnings data?

notable weakness: TWTR -12.9%... no opening reversal.... price action looks ugly into the autumn.

strength: oil/gas drillers, RIG +3%, SDRL +8%... but the broader trend remains bearish.