sp'60min
Summary
Futures have cooled somewhat from earlier highs as sporadic headlines about Greece continue to give concern to some traders.
A Greek deal looks as far away as ever.. and the clock is ticking.
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All things considered, there is little reason why the opening gains will be able to hold... I expect a second net daily decline. VIX 14s would offer further clarity that things will continue to unravel into next week.
notable early weakness, NFLX -1.0% @ $671... now a fair way lower than yesterdays opening spike high of $706.
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Update from Oscar
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Overnight action: China, -3.5% @ 4527.. having fallen apart in the late afternoon. Again.. the day to day swings are increasingly wild... a break <4K looks very probable. I remain somewhat bemused that many are not highlighting the 3400s as a downside target.
Have a good Thursday
8.31am jobless claims 271k.... remaining very stable. Next up.. PMI service sector data (9.45am).
sp +5pts.. 2113. Still slowly cooling from earlier gains.
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9.35am.. Opening reversal candle on the VIX..... equity indexes highly vulnerable to turning red.
Opening black-fail candle in the R2K.... again, suggestive this market is going to struggle today.
9.39am.. some waves of selling.... VIX turns positive
9.43am... and the indexes are turning negative.
notable weakness: NFLX -2.6%... major sell side underway