10am update - opening chop

US equities open with some moderate chop, but clearly breaking the sp'1925 floor.. Equity bulls might see a little bounce into 11am, before the selling resumes. After all, how many of the momo chasing rats will want to be long across the weekend?


sp'60min

sp'daily5

Summary

Certainly, I think yesterday was the biggest down day we're going to see in the current down cycle.

Targets remain unchanged... it is really just a case of seeing how low we can push into the weekly close.

*equity bulls should be seeking a VIX weekly close above 17.50... which would make for a huge technical achievement.

Notable weakness: oil/gas drillers, RIG -2.5%, SDRL -3.6%

--
...time to shop... back soon


10.37am.. back from the store... with a wheel barrow of essentials (but no wine)...

So.. sp'1912..... 8pts to go.. with VIX 20s....

WELCOME BACK VIX 20s....  ;)