10am update - moderate weakness

US equities open lower, but so far, there is ZERO sign that the equity bears are going to be able to muster any sustained/significant downside. VIX remains broadly subdued, only +6% in the 14s. Metals are catching a moderate fear bid, with Gold +$10 around $1250.


sp'60min

VIX'60min

Summary

*PMI manu': 51.4, a touch weak, but nothing dire either.
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Current price action offers very little to the bears.

Even a break <2030 by the close looks unlikely.

Eyes on Oil, which still looks highly vulnerable to renewed upside to the $43/44s. If that is the case, the sp' will be in the 2060/70s.
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notable weakness, oil/gas drillers, SDRL, daily

The recent delusional bullish hysteria has now almost entirely be negated. SDRL, along with RIG remain on the disappear list.
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time for some sun