Good morning. Futures are lower, sp -14pts ,we're set to open at 1741. This just about confirms the bear flag seen on the hourly index charts. VIX looks set to jump back into the 20s. Equity bears remain in control this week, and the primary downside target zone remains 1710/1690.
*ADP jobs: 175k, a touch above market expectations of 170k, but certainly nothing for the equity bulls to get overly excited about.
So..we're set to open somewhat lower. Nothing too dramatic, but it will kinda confirm the bear flags on the hourly charts.
notable movers: UGAZ +20%...and this comes on top of yesterdays similar gain!
*metals are picking up..as the market unravels. .. Gold +$16, Silver +2.8%
8.59am..choppy...market recovers... sp -6...so..thats 1749..
UGAZ now +24%... bullish consumer utility bills!
9.32am...watching the Cramer on clown TV...talking about 1650...1500....'the chartists and machines'.
Ironic how a moderate multi-week decline, and all the cheer leaders are getting real rattled.
9.45am.. weak weak weak, although VIX is showing no real concern yet
Who wants to go long here? lol Urghhh.