10am update - opening reversal

US equities open lower, but there is already a rather clear reversal underway, with a classic black-fail candle in the VIX.. having cooled from 16.82 to the 15s. USD is holding minor gains of 0.1% in the DXY 95.50s.. not least held down via central bank meddling.


VIX'60min

sp'60min

Summary

*I EXITED long-VIX at the open.. from the 16.40s.
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So.... we're off and running.. but for the bears.. the open is a disappointing one.. with a clear reversal.. as reflected most clearly in the VIX.

The bigger VIX weekly cycle had clear resistance in the 16/17s.. and we're clearly stuck.

I am open to renewed equity weakness... but for this morning... bears should have probably already closed out.
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10.05am. notable strength: CHK, +2.0% @ $11.30s.. with nat' gas +1.1%...  still looks headed <$10 by late Sept.