US equities open moderately weak, and the bears have already negated over half of the 'Monday nonsense'. The bigger weekly/monthly cycles remain clear.. momentum continues to increasingly swing toward the equity bears. Oil is notably weak, -2.7%.
*VIX remains relatively subdued. The bears MUST see a daily close >14.50 within the next few days to have any hope of continued equity weakness to sp'2050/40... never mind 2025/1975.
So.. the opening losses are a major relief to those on the short side.... but bears need these declines to be built upon.
notable weakness: copper miners, FCX -11%.
AAPL -2.3% in the $117s... headed for $100... monthly cycle suggest $90
time to cook.. or else I'm going to keel over.
10.01am. Wholesale trade data: 0.9%.. vs 0.4% expected.... certainly in favour of the econ-bulls.