Despite a secondary bounce, US equities remain broadly weak. A weekly/monthly close in the sp'2050/40s looks probable, and that will make for a net monthly decline. VIX is seeing some interesting upside, but still relatively low in the 16s. Next downside target is sp'2040 with VIX 18s.
*at best.. VIX 19-21 'briefly' next week with sp'2030/20s... but that is a stretch.
Little to add.
Some renewed selling into the weekend looks due, as some of the bull maniacs should be at least marginally concerned about next Monday's open.
notable weakness... QCOM, daily
Ugly... and if the broader market implodes.. QCOM will be a $30 stock. I realise that target sounds like 'crazy talk' right now.
back at 2pm