Thursday, 19 February 2015

2pm update - minor weakness

Equities remain a touch weak, although even a daily close <sp'2090 looks difficult. VIX is not reflecting any market concern, -1% in the 15.30s. Metals are melting lower, Gold -$3. Oil remains extremely volatile, -0.4%... but that is a full 4% above the morning low.


sp'60min



VIX'60min


Summary

*note the opening VIX candle of the last two days, the black-fail type...   VIX still failing to display any real power
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Frankly, its day'3 of tedium. I'm real tired of it.

Even sporadic headlines about Greece are doing virtually nothing to rattle the mainstream.

If Greece leaves the Euro/EU on a Sunday night, are we to expect futures +2%? Is that really what we're facing?
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In any case... 2hrs left of the day, and price action will likely remain muted.
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Notable weakness: GDX -1.9%, pressured by underlying weakness in the metals.