US equities open a little lower, but there are early signs of a major reversal underway from an intra low of sp'1925. VIX is cooling, -5%, and a classic back test to the low 1960s - with VIX 14/13s seems very probable.
sp'60min
VIX'60min
Summary
There is a lot to say about the broader trends - which ARE showing initial signs of a major roll over, but suffice to say... yesterday was a key break (esp' in the Dow)... and things could be getting real interesting across the next few weeks.
For me, its now a case of whether we get stuck in the 1955/65 zone... or can somehow magically keep climbing.
Right now.. the 2000s.... look real difficult to envision... but more on that bigger issue later.
10.21am... messy chop.... I'd be surprised if we take out 1925.
Notable strength: Gold +$12... having had a pretty lousy July.
10.43am.. indexes still battling for a floor, but it looks okay... 1955/65 zone is target...but that will take some days. VIX continues to cool, -6%