10am update - where is the floor?

The main indexes have opened surprisingly lower, taking out the sp'1577 low. There really isn't much support until the 1550/30s. Yet, a 1-2 day bounce is still very viable, and the bears should be extremely cautious. Oil is already offering a possible reversal.


sp'15min

vix'60min

Summary

*I won't be chasing this lower. In fact, I'll look to pick up a small index-long this hour, but only if the price action looks stable.

10yr yield...2.62%... next level is 2.75. If 2.75 broken...then 3.40/50

Copper breaks $3    to 2.95.. .HUGE implications for Gold/Silver, and the related miners.


10.03am..well, another wave lower..no sign of it levelling yet! VIX is making a play for the 22s

10.25am..11am is often a typical time for a floor, not long to wait.

I remain on the sidelines, looking to pick up an index-long


10.35am.. am LONG  the indexes from sp'1564. Seeking an exit in the mid 1570s within a few hours. VIX looks done on the 15min cycle.