10am update - opening gains

US equities open powerfully higher, but the market looks highly vulnerable to an intraday down cycle into the afternoon. Price structure is offering a short term floor of sp'1867, with a multi-day up wave... at least to sp'2000.. with VIX 20. Broader outlook though remains bearish.


sp'60min

VIX'60min

Summary

*I've eyes on AAPL as a potential long... but there is no hurry.... and the stock looks set to cool to 106/105 this afternoon.

Opening black-fail candle certainly bodes for further cooling today..
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As for the main market.. net daily gains look a given, and if China/Japan soar overnight (why wouldn't they?)... we could be trading close to sp'2000 by late tomorrow/Thursday.

Yes, the VIX has an opening reversal candle.. and that does offer some equity cooling today, but VIX 40s.. and 50s look out of range for some days.
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notable weakness, Gold -$8, with Silver -0.7%
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10.08am.. Considering price action in a number of stocks - not least AAPl, a floor in the 1-2pm time frame looks probable... before resuming higher into the close.

time to cook !   back soon


10.27am.. looks like we have a morning high of sp'1940.....