12pm update - Friday gloom

A gloomy day in market land, which matches the gloomy grey rainy skies of London city. Mr Market is down around 1% on most indexes, and finally..even the VIX is starting to pick up a little..currently +6%. Metals are similarly weak, so the gold bugs are going to have a real moody weekend.


sp'daily5

VIX'daily

Summary

After the 3 day rally, this mornings action is clearly a relief to those on the bearish side of the fence. Yet, we're still well above the recent cycle low, and VIX is still failing to show any major upside.

Bears need to close at least <1450, preferably in the 1430s. That would at least offer the hope that the Monday low of sp'1427 can be challenged early next week.


AAPL is having real problems...target would be the 200 day MA @ 580s

back at 2pm