Monday, 9 March 2015

10am update - opening reversal

US equities open a little higher, but a reversal appears underway... not least reflected in the VIX which still managed to open higher. Metals look vulnerable to turning negative, Gold +$4. Oil remains weak,




*upper bol' on the VIX daily chart is arguably important... and is offering the 17.50/18.00 zone... as early as today... but a little more viable tomorrow. That would be suggestive the sp'2040s are 'briefly' possible.. before the broader upward trend resumes.

Nasdaq is already red.... rest of the market looks set to follow. It remains possible this could all just be annoying chop for a few days.

What does seem pretty safe to say... sustained trading action (as in a few daily closes) under sp'2050 looks highly unlikely.

Notable weakness...

Energy stocks, CHK, -4.7%... as Nat' gas -4.3%
AA, -4.5%, having made a purchase.

10.44am.. well, so much for the opening reversal.. but still... new lows still seem due... whether late today.. or tomorrow.