12pm update - surprisingly sharp

Equity bears have managed a surprisingly sharp down wave, the best since early August. VIX is reflecting this Monday mini-washout, +14%, but still only in the 13s. Even the mid teens look difficult to hit right now.


sp'60min

vix'60min

Summary

*clearly not enough weekend rest, I fell asleep in the past hour..hence the gap...
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First things first... clearly, we're still falling, ZERO sign of a turn.

Those currently short, should at least be tightening stops to some degree.... after all... most could at least agree that the primary trend remains to the upside.

Next key level is 1990, which links the rising trend from 1904.
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Notable weakness: momo stocks, miners.. even the BABA is -4%.
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time for lunch... or something
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VIX update from Mr T.


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1.08pm.. little to add.

Hourly VIX/equity cycles are levelling out....looks like sp'1990s will hold.

I hope those short across the weekend enjoyed today.. it is very likely the highlight of the week.