1pm update - increasingly weak

US equities are increasingly weak, with a daily close under the sp'2100 threshold now viable. VIX is battling for the 13s, which will open the door to a brief spike into the 15s. Renewed equity upside into August.. from sp'2080 looks probable.


sp'daily5

VIX'daily3

Summary

Not much to add.

With too few buyers... a third net daily decline looks a given. The only issue is whether the VIX can finally attain a close in the 13s, which should confirm the 15s will be hit... whether tomorrow.. or early next week.

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notable weakness... CHK

A truly dire year... original target of $7s.. almost hit.. and that is with the broader equity market holding still near highs. If sp' loses 2K within the next 2-3 months.. CHK will surely hit $5.

In some ways.. similar to BTU.. although I don't expect CHK to disappear.