12pm update - messy start to the year

US equities remain moderately weak... with the sp' having slipped to 2048.. a mere 0.5% from a challenge of the 50dma. Metals are holding the swing gains, Gold +$9. Oil is clawing back upward from the pre-market low of $52.03. Notable weakness in the R2K, -1.2%.


sp'daily5

R2K, daily

Summary

*R2K offering a clear gap zone around 1180/75, another 1% lower...  suggestive of sp'2040 next Mon.. and then a turn upward.
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For the equity bulls... its been a messy end to 2014... and the year is not starting so great with a significant reversal from sp'2072.

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VIX update from Mr T.


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time for tea... back at 2pm