12pm update - holding the floor

Equities see another micro wave lower, but the early floor of sp'1986 is holding, and the VIX remains well below the opening gap high of 14.83. A daily close in the sp'2000/05 range looks likely, along with a red VIX in the 13s.


sp'60min

Summary

So..a bit of a choppy morning, and certainly, the bears have done some damage since the Friday morning high of sp'2019.

Yet.. we've been through this a hundred times since 2011, and it NEVER ends well for the bears. Those who were last week getting overly hysterical at the move down to 1978, were quickly nailed to the wall by a rally into Friday. I don't expect this week to be any different.

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Notable weakness: BABA -2.3%, an interesting one to watch, the dubious aspect remains you're not actually buying a share of the company, but some fund in the Cayman Islands...urghh.

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VIX update from Mr T


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time for tea.