Tuesday, 22 March 2016

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.




*PMI manu': 51.4, a touch weak, but nothing dire either.

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.

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.

time for some sun