Monday, 20 October 2014

10am update - opening weak chop

US equities open with some mixed weak chop. The Dow is notably weak, almost entirely due to IBM (-7%). VIX continues to cool, -3% in the low 21s. Metals are holding moderate gains, Gold +$8. Nat gas' is significantly lower, -2.6%, having lost the $3.70 support.




Market is looking tired, despite an overnight futures attempt to break back above sp'1900.. and the 200 dma.

There still seems high opportunity for a 2-3 day push lower, to 1815/00 zone.

Notable strength, DRYS +14%...on Ocean rig news... providing $120 million of liquidity. Hmm

Bears need <1880 to open the door...