10am update - opening declines, but nothing major

There remains some uncertainty about whether the US political maniacs are going to be able to reach a debt ceiling agreement this week. Yet, the market has only opened moderately lower, and the VIX is already warning the bears of underlying upward pressure from last week.


sp'60min

dow'weekly'3

Summary

*across this week, I will be highlighting what remains a particularly weak index...the Dow.

The snap/break level is absolutely crystal clear. If the 200 day MA @ 14758 is once again broken, Mr Market will be in real trouble.

Anyway, as is usually the case, the market should be level out by 11am.
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*i remain long Oil, via USO. Its holding up particularly well, and I have to guess it'll close somewhat higher. I will probably hold that into tomorrow.


10.32am.. its quiet out there. Even the lower traffic on this site is indicative of a market that just isn't that concerned.

VIX'60min

Certainly, the VIX is higher, but we're under the 20s, and a break <15.50 looks likely once the market decides an agreement will be made.

*I would imagine a fair few are shorting TVIX/UVXY this morning, although that is not without risk, until that agreement is actually made.