US equities are seeing extremely dynamic price action.. with the sp' seeing an early low of 1867. Wild swings are likely to continue across today.. and the week. The market is utterly broken.. so much so.. there isn't even a quote so far today for the VIX.
*an example of the flash-crash prints seen at the open...
Home Depot (HD)
Those downside prints are viable targets for end today.. or later this week.
*special note.. market looks set to be halted at some point today... with sp'1832.
The Oct' lows are easily within range... after that... 1725/00.
*in the low 1700s.. I would be 100% long. For now... I watch.
A stock I have been highlighting since May... INTC.. which has played out very well.
First target zone hit... H/S scenario offers 22s.. within the immediate term.
As at 9.57am.. STILL no VIX print...
but.. TVIX/UVXY +48% (I saw them +70%)
TRADING note.. option spreads were insane at the open... 20% wide... now down to 8% on more liquid stocks.
10.04am.. We have a VIX PRINT !!
So far.. 51s were hit
10.12am... micro cycle offering a rally into the 2pm hour.. as is often the case...
A short this afternoon at 2pm? Hmmmm.
10.20am.. not surprisingly.. some are coming out calling a floor.
As things are.... sp'1867 makes little sense as a floor.
10.37am.. the wild swings continue... back to sp -52pts @ 1918.
Traders are going to need to get used to seeing the sp' regularly flip 20/30pts... this could last for some days.