sp'60min
VIX'60min
Summary
A pretty interesting open... and despite the early declines.. it doesn't change the original outlook.
There is little (if any) real concern in the market.. and from a purely cyclical perspective.. we should rally upward from these levels.
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Notable weakness: Discovery (DISCA), -1.4%... great company, but the monthly chart sure ain't so pretty.
Strength: RIG, +4.2%
10.25am.. looks like we have clear floor.. on rising trend.. just a touch above the retrace low of 2085.
VIX is naturally cooling.. already red.. with sp'2093.
10.34am. Oil inventories.. surplus 8.2 million barrels... again... another huge number.
Oil is holding gains of around 1% though... pretty impressive considering the persistant surplus.