US equities appear in the process of merely churning out another bear flag. A daily close above sp'2010 looks very unlikely. First target remains the 1960/50s, and that should equate to VIX in the 25/26s. Oil remains broadly weak, -3.8%, having broken a new low of $34.17.
For those with eyes on the bigger picture, this intraday nonsense really is just that... nonsense.
We're still on track for lower levels in the near term.
VIX update from Mr T.
What am I doing?
Well, I'm somewhat cautious, as from a pure cyclical perspective, the 60/15min cycles are not exactly on the high side.
I might pick up a short-index block within the next hour or so... probably by 2.30pm. In any case, no longs.
time for tea :)