12pm update - awaiting another wave lower

US equities continue to slowly build moderate gains, but it remains a minor retrace of the sig' Friday decline. VIX is reflecting a market that is set for another wave lower to at least test the 50dma in the sp'2062/61 zone. Metals are cooling from opening gains, Gold +$2... set for far lower levels in the days.. and weeks ahead.


 sp'60min

VIX'60min

Summary

*notable opening black-fail candle on the VIX, but looks set for another wave higher to at least 16.50.
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Suffice to say... it is VERY likely a bear flag... with another wave lower due. That might begin late today... or early tomorrow... it really makes little difference.

Notable weakness, AA -5.5%, CHK -3.7%...  oil/gas drillers, RIG/SDRL, both lower by around -3%
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VIX update from Mr T.


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time for an early lunch.