sp'60min
USD, monthly'2
Summary
*well, if equity bulls manage a daily close in the sp'1990s, it will surely be white flag waving time for the equity bears.
The bears had their chance yesterday...and failed. There is little else to be said.
Today is of course the end of the month, but also more importantly...Q3. Equity bears need a close in the low sp'1960s for a net monthly decline, but right now...that looks unlikely.
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Notable early gain: EBAY, +10%, on the announcement it is spinning off Paypal...which is of course its key profit engine. Yeah... great move Ebay..sell off the best part of your company..and you're left with a stagnant online retail element.
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*awaiting some data, notable the Chicago PMI, due at 9.45am. Market is seeking 62s.
9.25am.. equity indexes slipping.. a little... but still.. this is a lousy situation for those in bear land.
As ever... look to the VIX.. it'll usually be the tell.
9.31am. VIX opens -3%.... bears had better praying now for an opening reversal candle by 10am. The clock is ticking
9.33am.. VIX... hollow-red reversal candle... if this holds... it does somewhat favour the bears.. at least for a few hours.
9.37am... VIX set to turn positive.... interesting open...
9.39am.. R2K -0.5%... the 1080s sure would be a natural target...that is another 3.5% lower though.
9.42am... once again, VIX remains the tell.... and indexes turn red.
Without question though.. bears need a daily/quarterly close in the low sp'1960s.. with VIX 17/18s. Right now, I find that..depressingly unlikely.