US equities open a little higher, but the gains have quickly evaporated, with a rather clear reversal. Cyclically, we're due a down cycle... first soft target is around sp'2090.. along with VIX 16.00. Metals are broadly flat. Oil has turned lower, -0.8%.. ahead of the next EIA report.
*a rather clear bullish price structure in the VIX... the 18/20 zone really isn't that bold a target
A marginally interesting open, but for now... there is barely any downside power. Hell, even a move to 2090 later today would be little solace to those short from anywhere >2060.
I'm still of the view that the market will NOT make new historic highs (in sp'500/Dow.. not other indexes.. which are lagging anyway).. before a retrace.
Basic target remains 2065/60.. then 2025/20.
*Yellen is due to speak to the US house... I'm unaware if that will get any live coverage.
Awaiting EIA oil report at (10.30am)
10.36am.. Oil inventory surplus.. 2.8 million barrels.. less than last week, but still.. .a sig' surplus.