US equities continue to slip, with the sp -16pts @ 1972. Next support is the price cluster zone of 1960/45. Despite this morning's strong reversal, it still seems unlikely that the equity bears can manage sustained downside this side of the FOMC. USD continues to weaken, -1.2% in the DXY 96.00s.
*VIX remains subdued, relative to the size of this today's equity reversal
Suffice to add... a really interesting day
For the moment though, I am not in the least bit considering chasing this lower.
Wolfe Research is touting CVX as a buy, with a target of $105
If you consider Oil has likely not floored, and believe that the sp'1700/1600s are due in the months ahead... I'd have a target of the $65/55 zone... a long way below Sankey's target of $105.
1.03pm... Ohh lookie... its CNBC favourite...
Bullish clown entertainment.
Again, I gotta wonder, what kinda screams will these maniacs be emitting if sp'1700/1600s? How much will they blame Yellen for daring to raise rates last December?