Wednesday, 5 August 2015

11am update - holding above resistance

The sp'500 is holding above resistance (2108), with an intra high of 2112. Unless the market cools back under the sp'2100 threshold - with VIX back in the 13s, bears should be waving the white flag. USD has turned back positive, +0.1% in the DXY 98.00s, and that is pressuring the metals/Oil.




*Despite a net draw of -4.4 million barrels, Oil has already briefly turned fractionally negative.

So... a lousy morning for those in bear land.. not least yours truly, but as ever... lets see if the bulls fail to hold opening gains for the third consecutive day.

Considering the break of resistance.. >2110... its not looking good for those currently short into the Friday jobs data.
As for the VIX, today's early print of 10.88, is the lowest level since July 2014.

notable opening reversal: AAPL, +1.9% in the $116s.. after seeing $112.10

DIS -7.5% in the $112s.

DISCA -5% in the $30s.. as earnings disappoint.

Maybe I should throw all my $$$$ into NFLX. With a PE of around 500, that has to be good value, yes?