US equities hit an intra low of sp'1887, but it seems extremely likely that the market will close net higher. There are numerous signs.. the VIX was only able to climb 2-3%, and the 'old leader' - Transports, is already +0.6% .. despite Boeing -9.4%.
*With another monstrous weekly oil surplus of 8.4 million barrels, the mainstream are reminded of the underlying problem... too much supply.
Ironically, NOTHING has yet been done to restrain supply.
The industry has barely begun to capitulate. Some of the listed names are going to disappear this spring/summer.
Boeing (BA), daily
Ugly chart... testing the Aug' low. A bounce into mid' Feb looks viable... but broader downside to $70/65 looks due.
Do the math... and extrapolate that to the sp'500/Dow. Maybe I'll cover BA more later.
time for lunch :)