Equities are choppy, we are holding above earlier lows of 1575, but if they fail..a close in the low 1560s is viable. VIX is +9%, and warning of minor trouble. Metals and Oil look due a bounce into the afternoon. How we close today, thats too hard to call right now.
I've not posted them yet today, but the daily charts ARE suggestive that the bears should be okay for a few days, yet the hourly charts are pretty low.
Shorting at current levels seems overly risky, and this especially seems the case for the precious metals and Oil.
*well, within seconds of posting this..market breaks 1575..and thus opens up the low 1560s by the close.
UPDATE 12.05pm..interestingly, Gold and Oil and holding up..whilst equities slipping.
I still smell a nasty afternoon bounce.
12.40pm...equities in the 1560s...but Oil is rallying.
Delayed equity reaction...or are bears just getting teased before afternoon recovery ramp?