12pm update - late morning bounce

US equities are in moderate chop mode, having bounced from sp'2072 to 2086. The double floor of 2072 is vulnerable to failing, with the VIX not cooling much, +9% in the low 15s. USD is +0.1%, as the Euro is under some natural downward pressure. Gold is battling to build gains, +$8.


sp'60min

VIX'60min

Summary

*its possible metals are seeing a minor 'fear bid' reaction, although in the scheme of things.. small moves
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Certainly, the bounce in equities is NOT being reflected in the VIX, which is holding up very well.. although the opening black-fail candle was again another classic warning of at least some degree of bounce
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Renewed equity weakness in the latter part of the day remains probable. The bigger weekly VIX cycle is offering 16/17s in the immediate term. The 20 threshold still looks out of range this month.

notable weakness: coal miners, BTU -4.0%.. now in the $2.40s... the sector of horror.

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VIX update from Mr T. 


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time for lunch