11am update - typical bounce time

US equities remain lower, but as ever.. are highly susceptable to an intraday bounce. There will be natural resistance at the sp'2100 threshold. VIX is holding moderate gains of 6%. Metals have once again lost opening gains, Gold back to flat. Oil has turned lower, -0.6%.


sp'60min

VIX'60min

Summary

*Oil inventories: 10 million surplus.... and that IS a reminder of the underlying supply glut.
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All things considered, the VIX is reflecting the underlying equity strength.. with the market having fallen almost 1%, but VIX still only in the 15s.
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Regardless of any intraday bounce, downside target remains sp'2065.. with VIX 17s... before the weekend.
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Notable weakness: AA, -5.6%,

Oil/gas drillers, RIG -2.7%, SDRL -4.7%.... holding within a starkly bearish broader down trend.
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time to shop.... back soon!