The opening gains to sp'1947 have largely evaporated, but the Monday low of 1901 still looks very secure. Price structure into early next week is likely to become a rather large bear flag, and that will open much lower levels into February.
*Oil -1.7% in the $30s.. and that is not helping the market mood.
So.. renewed weakness, but yesterday's low should comfortably low. The daily equity/VIX cycles will remain against the bears into next week.
Despite the weak 10am hour, I have no concerns that I am missing out on the next down wave.
Alcoa (AA), daily
The market is not buying the rather twisted earnings report.
time to cook :)
11.26am... sp' +1pt @1925... a clear 1% below the earlier level.
Still... nothing has changed... this is chop.. underlying pressure in short term is still.. UP
*notable reversal.. TVIX.. from 7.90 to 8.80s.. back at evens.