US equity indexes started the week on a negative note, sp -15pts @ 2060. There was particular weakness in the energy sector, pressured by another very severe fall in energy prices, Nat' gas -4.5%, and Oil -4.2%. Outlook offers a minor equity retrace... flooring somewhere in the sp'2020/1980 zone.
sp'daily3 - fib retrace
A marginally interesting start to the week, but still... we remain very close to recent historic highs.
The continued weakness in energy prices are bullish for almost every sector of the economy... the exception being energy!
WTIC Oil, monthly'2, rainbow
Today we broke a new multi-year low in the $62s. A bounce.. somewhere from the 60/55 zone looks a given... probably on the order of $10/15.. back to 70/75.. and then another wave lower to 50/35 zone... in latter part of 2015.
Volatility picked up... but remains relatively low
The VIX settled higher by a very significant 22.2% @ 14.21 (intra high 14.67).
Closing update from Riley
Not much due tomorrow.. just wholesale trade data. The only thing of note this week are retail sales.. due on Thursday.
Goodnight from London