10am update - morning chop

Good morning. Market is already recovering early minor losses. Most noticeable.. VIX on the hourly, a black candle, suggesting a failed gap/rally. Metals a touch weaker, dollar is flat.


sp'60min

vix'60min

Summary

Well, those overnight moderate declines sure didn't intensify. A long day ahead though, but I really don't think bears have much chance this week of anything <sp'1500.

In fact, if the jobs numbers come in better than expected later this week, we could easily close the week in the 1540s.