sp'daily5
Summary
Things look on track.
Mr Market could easily chop around these levels for a few days before the first sustained up wave.
Regardless, the bears had their down cycle.... its effectively done.. at least for a few weeks.
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Notable weakness, DRYS, -19%.... on news it is cancelling a debt auction...
I would hope it will stay afloat (no pun intended), I have been following the company since 2008, and it'd sad to see that one sink. (yeah.. that one is intended).
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10.01am... sp'1997... with VIX 22s...
Price action remains chop... we're surely building a floor.
Equity bears getting another opportunity to 'make a run for it', before we climb to at least 1950/60... I'm still guessing 1970/90.
VIX cooling.......... Bears...beware!
10.37am... sp'1893, although VIX still only in the 22s.
Overall.. this is still flooring building time.
Lets see if we can get a turn around 11am.... regardless, I still see this as a time for equity bears to be closing out.
Notable weakness: airlines, UAL -5.4%.... Ebola concerns? Hmm