US equities open powerfully higher, but the market looks highly vulnerable to an intraday down cycle into the afternoon. Price structure is offering a short term floor of sp'1867, with a multi-day up wave... at least to sp'2000.. with VIX 20. Broader outlook though remains bearish.
*I've eyes on AAPL as a potential long... but there is no hurry.... and the stock looks set to cool to 106/105 this afternoon.
Opening black-fail candle certainly bodes for further cooling today..
As for the main market.. net daily gains look a given, and if China/Japan soar overnight (why wouldn't they?)... we could be trading close to sp'2000 by late tomorrow/Thursday.
Yes, the VIX has an opening reversal candle.. and that does offer some equity cooling today, but VIX 40s.. and 50s look out of range for some days.
notable weakness, Gold -$8, with Silver -0.7%
10.08am.. Considering price action in a number of stocks - not least AAPl, a floor in the 1-2pm time frame looks probable... before resuming higher into the close.
time to cook ! back soon
10.27am.. looks like we have a morning high of sp'1940.....