Tuesday 8 December 2015

11am update - a spike floor from 2052

US equities break a new intra low of sp'2052, with the VIX hitting 18.33. Price action is increasingly choppy, and once again the market will have another opportunity to push for a latter day recovery. Like yesterday, a daily close above the 200dma (2064) should be a basic target for the bull maniacs.


sp'60min



sp'daily5



Summary

Price action is much like last Thursday afternoon, as we have two hourly candles offering a clear spike-floor of sp'2052.

To break declining trend/resistance, need a daily close >2065.. which looks probable.

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notable strength/reversals from opening lows...

CNX +5.8%, from -2%
RIG +0.9%, from -2%

The interesting scenario would be how the Oil market might react if there is a net draw down in the next inventory reports.

As of 10.56am... Oil is +0.7%... having swung from -2.3% (or so)... key floor?

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Meanwhile... in London city



Another reasonable late afternoon in early December. Very wintry skies, but way too mild (11c) for snow. Indeed, so far this winter, its felt broadly mild... bearish UK energy/utilities?

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time to cook


11.01am... Oil soaring... from -2.3%... now +1.7%.. and that sure is helping the broader market recover.

More crazy swings!