Equities were marginally weak this morning, but with the tragic loss of another Malaysian airliner, stocks have snapped (if moderately) lower. The R2K is now testing the 200 day MA in the low 1140s, whilst the VIX is making a play for the mid 12s.
Well....the bad news is certainly a very valid excuse for the market to sell lower, although in the scheme of things, we're not even -1%.
Thing is... if it was a missile strike (seems likely).. then this story is not going to end today.
VIX update from Mr P.
time to cook.
12.03pm... market seeing further weakness... and the VIX is on the rise.. +16% ...12.70s.
A VERY busy afternoon ahead...
12.08pm.. VIX looks headed for the 13s...current momentum is offering the 14/15s by late afternoon.. which would equate to sp in the 1950s....
Bears are getting a 'bonus' opportunity to exit... the bigger picture remains unchanged.
12.30pm.. VIX stuck in the 12.80s....but still... looks to be viable further upside later today.
This airline story is going to rattle a fair few for a fair while..