Monday, 9 November 2015

10am update - opening weakness

US equities open moderately lower, with the sp' -0.6% in the 2080s. Market looks set for the 2060s this week, with 2020s viable by Nov' opex.  Oil is notably weak for the fourth consecutive day, -0.2%


USO' daily2


*VIX confirming the opening equity weakness, +9%... aiming for a break into the 16s.

So, we're lower, and the sp' looks set for a fourth net daily decline... although clearly, we're yet to see any significant downside action.

Even the mainstream seem to recognise that after six weeks up... we are due a retrace.

Frankly, if we aren't at least briefly in the 2020s - where the 50dma will be by Nov'opex, I'll be surprised.

notable weakness:

AA, -2.0%... ugly broader chart.. despite the main market ramp from August.
TSLA -1.6%
UAL -1.6%... airlines struggling, even with Oil red.

strength: Oil/gas drillers, RIG/SDRL, both +1% or so. Although broadly,  both stocks remain utterly destroyed since summer 2014.

stay tuned.