US equities open moderately lower, but once again, the equity bears are not showing any signifcant power. VIX is higher, but only by 4%..and that could easily be the high of the day. Equity bulls should battle for a weekly close in the sp'1880s, which remains well within reach.
*after some thought...I decided to set aside RIG... and instead go LONG SDRL. Seadrill has better underlying strength than RIG, and it is yet to post earnings (May 30).
If SDRL sees a strong reversal and turns green later today, I will probably exit for the weekend.
10.11am.. Reversal candle on the R2K...
Considering the lack of upside kick in the VIX (yet again)....has the R2K finally floored..at least for a few weeks?
10.33am... minor chop..but it does look like the bears are done for today. VIX appears maxed at 14.03..which is just so weak.
Notable strength: CHK, +1.8%...and I'd be looking to exit that in the low $30s later today..if it gets there.