We're at a time when the market will usually exhaust itself on any morning weakness. With the Dow holding (just) above the key level of 16174, the equity bears are now very vulnerable to seeing yet another latter day recovery.
*Gold and miners are both holding significant gains, but again, it has to be noted, the metals remain under old support..now resistance.
So..yet another morning of weakness...do you remember what normally comes next?
Anyone getting overly excited about 'ohh.here it comes'..I can only refer them to the past few weeks..if not past five years of price action.
Notable weakness: RIG, -3.9%
A weekly cycle low is probable in the 44/43 zone. A truly bizarre valuation, borderline single digit PE, with a yield of 5/6%. Earnings for HAL were fine, and I'd expect RIG to be similarly...fine.
11.05am... dow 16178.. 4pts....this sure is a key hour.
11.15am.. first sign of a turn..Dow back above 16200. A daily close >16300 would clarify that this morning was just another tease to the bears.
With almost 5hrs left of the day..lets see how much of a latter day recovery we get today.
11.35am... smaller 15min cycle, offering a more decisive snap to the upside around 12.15/30pm.
VIX..cooling down..a little.