US equities open moderately lower, but there are already signs the indexes are set to turn positive as the day proceeds. VIX is naturally higher, but only by 2%.. and looks set to turn negative. Gold -$4. Oil is -0.1% ahead of the EIA report.
For those equity bears hoping we are going to unravel <sp'1800 in the near term... price action/structure sure doesn't support it.
Yes we're lower, but neither the daily/weekly cycles are setup in a way that offers opportunity of sustained downside before mid February.
As for AAPL...
I've seen this picture before, and the setup does not favour the bears. The $105s look very viable.
time to cook... back for the EIA oil report at 10.30am
10.23am.. Dow -155pts... VIX +2.6%..... that tells the story.
10.31am.. EIA, inventory build 8.4 million surplus... another dire amount...
Oil is -1.3%... but threatens to turn positive later today.
sp -12pts @ 1890.... I'd guess we'll close net higher today.
10.37am.. Rogue print on the VIX of 24.38.... as ever.. . curious