Equities are seeing a mini washout, but remain within a very tight sp'1850/15 trading zone. Baring a break <1815, equity bulls have little to be concerned of. Metals are seeing strong gains, Gold +$21. VIX is +7%, but still only in the upper 13s.
*look for the VIX to get stuck around current levels..very vulnerable.
Lets get this clear...despite yet another down wave...we know how this tends to end..right?
We've learnt this..after 150/200 previous instances..yes?
Notable movers: DGAZ -7% @ $6.12, FCX -2.3% - which is kinda odd, considering the other miners are doing very well.
RIG -3% @ $45.40. remains a broken stock, under declining resistance in the $47s. Arguably, one of the most bizarrely under valued stocks.
*NFLX and EBAY both positive of course..on earnings, and all sorts of rumours.. the latter on a possible Paypal spinoff.
10.29am.. so..the indexes are lower by around -1%. Certainly, kinda interesting, but we're still almost a further 1% above the key level that the bears must break to do any real damage.
*looks like 'Trending waves' has the more likely correct micro-count.
With no QE today, market more prone to sideways chop, than latter day recovery.
Metals/miners building gains, Gold +$26.. GDX +3.3%. Key issue remains.. Gold is STILL under the old broken support.
10.36am.. key issue... Dow 16174...a break under that...opens up much lower levels. For those 'buying the dip'...this makes for an obvious stop level...a mere 35/40pts lower.
Considering we're approaching the typical turn/floor of 11am....bears are getting a chance to exit here...or at least tighten short-stops.
Market trying to floor at Dow 16200... VIX looking toppy.