The opening gains fail to hold, and most indexes are breaking new cycle lows, with the sp' @ 2040. VIX remains hovering around the Tuesday high.. a failure to break/close in the 17s would bode well for the bulls. Metals remain very weak, Gold -$8, with Silver -2.0%. Oil remains weak, -2.4%
*Oil inventories came in much lower than last week at 4 million barrels, but its not enough to inspire the oil traders. Further, the USD strength is a constant downward pressure... as it is for the precious metals.
Price action is much stronger than yesterday (not least with stocks like INTC +3.6%), we appear to be seeing just a minor washout wave.
Equity bulls merely need to retake the 2050s... opening up a break of the down trend for tomorrow.
Notable weakness: oil/gas drillers, SDRL -2.6%
It is typical turn time of course... so.. lets see if the bull maniacs can push this back into the 2050/55 zone by 2pm... I'm guessing they will.
11.15am.. VIX turns red... with sp'2046....
Metals continue to unravel... Gold -$12.... Silver breaks a new multi-year low.