Monday, 6 July 2015

3pm update - weakness into the close

US equities are moderately weak, and look set for further declines into the daily close. Regardless of whether the 200dma (sp'2055) is broken by the close, the 2040/30s look due tomorrow.. along with VIX in the 20s. USD +0.2% in the DXY 96.30s. Oil is in collapse mode, -6.9% in the $52s.




*Best case for the equity bears in the immediate term remains the giant 2K threshold - as seen most clearly on the weekly cycle.

notable weakness: INTC -2.2% in the $29.80s.... fast approaching target of the low $29s.

..updates into the close...

3.12pm.. chop chop.. sp'2062..  VIX 17.90s.....  another wave lower still looks due.

notable weakness: Oil, -7.0%

3.33pm... a minor short-stop cascade.. sp -10pts @ 2065.

It remains the case that VIX rapidly cools on any kind of equity bounce... 

3.44pm... time to roll lower again.... sp -11pts... VIX +5% in the 17.60s.