10am update - minor weakness

Equities open a little lower, but price action is not in the least bit bearish. Considering new historic index highs just yesterday, it is bemusing how anyone could possibly consider sp'1902 as a key top. Indexes look set to recover as the day proceeds. Metals are holding gains, Gold +$12.


sp'60min

Summary

*I picked up a secondary IWM call block just earlier. I can't take the opening declines seriously, and expect some degree of net daily gain.
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So.. we're lower, but not by much, and there is simply no real power on the downside.

Same old story.....and I expect higher levels by late today.
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VIX is higher..but by a mere 1%.... equity bears would do well to dwell on that aspect for this hour.
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Opening black candle on the VIX... bears beware!

Meanwhile..R2K fills the gap...

1140/50 still seems an easy target on the next wave.
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10.03am.. notable strength in the drillers, with opening reversals in DO, RIG, and SDRL, not that I will getting involved in those.