11am update - minor chop

The sp'500 is holding close to the opening high of 2076, but is clearly encountering a touch of resistance. VIX remains broadly subdued, -5% in the low 14s. Metals continue to claw back from early lows, Gold -$7, with Silver +0.3%. Oil is +0.5% after a net weekly inventory surplus of 6.6 million barrels.


sp'60min

VIX'60min

Summary

Suffice to add...  ongoing price action currently offers zero hope of a turn.

The VIX is even more bullish than equities, as its currently in outright implosion mode, already breaking into the 13s. Considering opex is looming, now the 12s look probable.

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notable strength, BAC, daily

Is the market now seriously trying to price in a second rate hike (which by default, would be bullish financials?).

In terms of price, major resistance is clearly @ $14.50. The equity bulls are going to need to see stocks like BAC break above such levels.