Another micro down wave, fractionally breaks the Dow 16174 key low, but now we're seeing another rebound. With the VIX looking toppy in the low 14s, equity bears are getting considerable opportunity to exit at what is a borderline significant intraday decline. Metals remain strong, Gold +$25
*that is a reasonable flooring-spike on the current index candle.
So....is it really just another tease to the equity bears? Based upon the past few weeks (if not years), you'd have to go with a yes.
There sure doesn't seem any panic out there?
Increasingly, it looks like we'll rally into..and after the next FOMC of Jan'29. Whether the Fed do another minor taper..hard to guess.
1.27pm...still over 2.5hrs to go...equity bulls should be battling for a daily recovery into the 1830/35 zone. That'll give a near 1% buffer zone, without breaking <1815.
*watching clown finance TV earlier, amusing how they all see so bearish and concerned about a correction..whilst we're not even 2% from all time historic high. They simply can't cope with even an intraday drop of 1%.