US equities closed a touch weak, sp -1pt @ 2107 (intra high 2114). The two leaders - Trans/R2K, both settled lower by -0.7%. Near term outlook is bearish to the micro gap around sp'2080... along with VIX 15/16s. Broader upside into August still looks probable.
*closing hour certainly saw some weakness, but nothing significant.
Awaiting earnings from INTC and NFLX
So.. the Greeks helped break the market lower, and the initial wave from sp'2044 is likely complete.
By late Thursday, rising trend will offer support around sp'2085... so a gap fill around 2080 won't be easy.. but is somewhat more likely than not. If sp'2080s... that will likely equate to VIX filling the price gap in the 15/16s.
*I hold long-VIX overnight... seeking an exit in the 15/16s.
4.04pm.. INTC beat... stock soars..
EPS 55 cents vs 50 exp. Rev' beat. Nothing bearish there.
NFLX, EPS 6 cents vs 4. rev. missed..
So.. yours truly decided to drop INTC ahead of earnings yesterday (fractional gain), and has missed out on a 200% options gain. I suppose it could be worse.. I could have been short it.
more later... on the VIX