Monday, 6 July 2015

1pm update - increasing weakness

US equities remain moderately weak, sp -7pts @ 2069 (intra low 2058), and looks set for increasing weakness this afternoon.. as there remains huge uncertainty about the ongoing Greek debacle. VIX is reflecting some moderate market concern, +4.7% in the 17.60s.



There is near zero reason why the market won't see increasing weakness for the rest of today.

After all, who wants to be going long in the sp'2070/60s?  A test of the overnight futures low - equivalent to sp'2044 (or so) looks highly probable.

I am keeping an eye on INTC, as an indirect signal/proxy for the broader market.

The low $29s look on track..which effectively completes a giant H/S formation. A rally to the 32/33s in Aug/Sept looks viable before sub $29.
back at 2pm