Friday, 24 July 2015

12pm update - broadly weak

US equities remain broadly weak, with a new cycle low of sp'2092, along with VIX 13.52. Regardless of the exact weekly close, the trend looks bearish for the first half of next week. sp'2080 looks a given, but if VIX is to fill the gap zone of 15/16s, the 2070/65 zone might well need to be hit.




So... we've slipped from sp'2132 to 2092.. almost 2%. Clearly, nothing too major, but with a fractional lower high (from 2134, May 20th).. things are getting a little interesting.

All indexes are set for net weekly declines.

Equity bulls had better hold the recent low of sp'2044.. or its a huge problem.

Notable weakness, energy stocks: CHK -2.4%, RIG/SDRL, both lower by around -3.2%

strength: 3x bearish energy, ERY +3.7%

VIX update from Mr T.

time for some the rains in London are starting to cause some local floods.