10am update - tough to break this market

Bears are having problems just breaking this market into the sp'1570s. Precious metals are seeing extreme declines, with Oil similarly weak - but not severe. Until we're trading <sp'1538, bears have no reason to be confident. VIX is higher, but is already cooling off.


sp'60min

vix'60min

Summary

Interesting open, but it barely ranks as 'moderate' declines.

I suppose we could trade down to the 1560s today, but that does seem unlikely.
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*I exited USO at the open. I will consider a re-short later today, but that will be dependent on price action.

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UPDATE 10.34am.. I don't trust this morning equity declines at all.

Both the 15/60min cycles are low, a bounce is possible at any time.

VIX is +9%, but 9% of a small number..is still a low VIX.