It has been a pretty choppy start to the week, with failing gains..but then another whipsaw to the upside. It is indeed going to be a very dynamic week in terms of price action. Metals remain weak, Gold -$9, with Silver -0.9%. VIX is battling to hold fractional gains, in the low 14s.
*I picked up two new long positions, RIG, and SDRL, will seek to hold them for at least a day or two.
Currently, LONG CHK, RIG, SDRL, STX, and SHORT, SLV (which I'm seeking to drop today, its annoying me).
For me, the action in AAPL is probably a tell. If the giant AAPL is picking up some serious underlying upside, then the broader market should be okay...
The low 600s look pretty easy to hit.
11.28am.. suffice to say, it remains a bit of a mess this morning.
Momo stocks having real trouble, with AMZN leading the way lower...but...
AAPL is higher, and there are certainly some stronger sectors in the market.
Bears just seem to lack any downside power..despite the current minor weakness.
Hourly index charts.. still offer the bears VIX 15s, with sp'1850/45...but really, that will be real difficult.
11.40am.. RIG and SDRL, looking pretty good, and there is noticeable strength in some of the resource stocks out there.
Well, no one can complain..this ain't a dull start to the week!