US equities open with some mixed weak chop, with a fractional break of the August low of sp'1904, and the 200dma of 1905. The next few days will be all about building a floor, before a 2-3 week climb to 1970/90. VIX is seeing some minor chop, currently a touch higher.
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.
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).
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