Equities remain a little weak, but overall, it is merely minor chop, and the market will likely remain stuck in a narrow range for the next few days. VIX is higher, but looks vulnerable to 15/14s before a clear floor. Oil/Nat' gas both remain very weak, by around -1.5%
sp'daily5c - warning levels
*notable black-fail daily candle on the VIX, again suggesting no major down wave for some days... until post FOMC.
So... minor chop...but really, there is little reason to expect sig' downside until late this week.
Energy stocks remain really battered... CHK, RIG, SDRL, very sig' declines, and the outlook into 2015 looks dire.
There are a fair few out there who are suggesting no down wave until after the US mid term elections (next Tuesday) I believe. In many ways, that would be understandable.
Notable weakness: coal miners, BTU -4%.. in the $9s... first time since 2004.
Video from sp500chart.com.. whom I keep an eye on sometimes...
An upside target of 1978... which is possible this week, but hell, bears would need to see some kind of swift reversal from there, with a Friday close in the 1950s.
time to shop.... back soon
11.25am ... suffice to say... bearish Tesco. Urghhh. If their automated checkouts get any more broken they'll miss their revenue estimates by 99% in Q4.
Notable strength, BABA +2.7%... in the 98s. The momo chasers will be gunning for the big $100 this week.