It is late evening (10pm) in Greece, and the locals are getting real upset again. Bailout'3 is only provisionally agreed, and it remains the case that a great many things still need to get passed in a number of EU parliaments. Mr Market is not going to be pleased if things get particularly rowdy this night.
*awaiting earnings at the close from NFLX and INTC.
If I had to guess, both will come in okay... but they face a market that is set to see a moderate retrace across the remainder of this week.
LIVE feed from the streets of fire (occasionally in studio chat)
We have clear breaks of trend.... and the price gap zones are very clear.. with sp'2080... and that should equate to VIX 15/16s.
updates into the close
3.01pm.. hourly targets... sp'2095/90 zone.. with VIX 14.50/15.00
Stay sharp... this closing hour could be pretty exciting.
3.09pm. Notable weakness: miners, GDX, breaks the Nov' 2014 low... following Silver... with Gold set to follow. The strong dollar is obviously a major cause.
3.12pm.. I am currently long VIX... if I see anything >14.30 or so into the close, I will probably close out for a day-trade.... and start afresh tomorrow.
3.18pm.. a little chop... but should see renewed weakness into the close... as some as concerned about the Greek parliament vote outcome.
3.32pm.. nano sized bull flag on the VIX... offering mid/upper 14s by the close... is so.. I'll likely close out.
With momentum as it is... should see renewed equity downside... under the sp'2100 threshold
3.41pm.. micro chop... with a VIX 13.70s.... not enough for me to merit an exit today.. will hold overnight.. still seeking 15/16s.
Bull flag on the 5min
Pretty clear huh?