2pm update - time for a book

US equities remain broadly weak, breaking last week's low of sp'1992. Even the more resilient R2K is starting to show significant declines of -1.3%. VIX is confirming the weakness, +12% in the 23s. Gold is catching a 'fear bid', +$5. Oil remains weak, -0.7%. The first fed 'beige book' of the year is due.


sp'60min

Summary

*awaiting Fed beige book at 2pm
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So... we've taken out the recent 1992 low... next stop is the 200dma at sp'1965... which is certainly viable.. if not likely tomorrow... or Thursday.

For the bulls... its now a case of 'pray the ECB do not disappoint' next Thursday.  Otherwise, January will end on a real down note.. and the bigger monthly cycles will close bearish for the first time since late 2011.

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Notable weakness, coal miners... BTU -11.8%

..more on the coal miners later... on my 'fair value' page.
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2.24pm.. Oil swings +2%... taking the main market with it... but still.. with the break of 1992.... an attempt on the 200dma at 1965 looks likely.

Notable gains, CHK +1.3%...


2.33pm... pretty bad ass hourly candle... sp'2008...  no doubt... many short-stops getting hit... at what is ... a typical turn time.

Bears.... beware.    VIX cooling, now just +5%


2.36pm.. Hourly 10MA... sp'2010... a move over there... would be crazy wild.. into the close.