12pm update - time for a latter day recovery

US equities have seen a surprisingly strong retrace of the Friday gains... with an intra low of sp'2066, with VIX maxing out at 17.18. Equity bulls need to claw back at least half of the losses, with a daily close in the 2080s. Commodities remain weak, Gold -$10, with Oil -5.3% in the $37s.


sp'15min

VIX'60min

Summary

*hourly VIX candle sure is spiky
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This mornings declines are certainly far stronger than seemed viable, not least as there really isn't any spooky news. Clearly though... the weakness in Oil is downward pressure for broader market sentiment.

Considering Oil is now in the $37s.. there is again threat of a bounce... but that will dependent on the next pair of inventory reports.
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In the near term, renewed equity upside still seems due... at least to 2115/20.

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VIX update from Mr T.




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time for lunch