It is a truly bizarre fact that the sp'500 has fallen 103pts across just 11 trading hours - from the post FOMC minutes spike high of 2096... to a new intra low of 1993. The VIX has similarly hyper ramped from 13.73 to 24.49. As things are... the dip buyers are getting relentlessly outright massacred.
*clearly, the opening VIX candle was fully negated... and we're in territory not seen since last December.. when the sp' was flooring in the low 1970s.
On one level I'm really surprised, but on another - via the bigger weekly/monthly cycles.. I'm not. I think it is a case that its been so long since we've seen consistant significant weakness... few can believe their eyes!
VIX update from Mr T. due
*seemingly a no-show today*
time to see if the cheerleaders on clown finance TV are crying yet....
12.09pm... Short-stop cascade appears underway.. with market swinging from 1993 to 2007.. and rising... VIX cooling.
12.22pm.. chop chop... with a viable spike low of sp'1993... but clearly.. NO solid floor yet. Indeed, at the current rate.. we could rally to 2120.. and we're still be -15pts on the day.. with no clear turn.
12.33pm sp'2003... market battling to build a floor, but this remains a treacherous situation for those trying to find a buying level
notable weakness, AAPL -4% in the $107s. approaching first target zone of 105/100.