US equities open with borderline significant gains.. to sp'1949, but there are some signs that the rally is not sustainable. The micro 5/15min cycles are clearly over stretched, and there is threat the main indexes will close net lower. Broadly.. bears should be seeking a weekly close <1958.. preferably 1950.
*a clear opening reversal candle in the VIX.
We have a long day ahead... if the bulls fail to hold any gains today.. it will be yet another reminder of the broader weekly/monthly cycles which are unquestionably broken.
*I remain moderately short.. with ZERO interest in switching long.
time for an early lunch... back soon.
10.19am.. VIX -6%... back in the 22s. Things are getting real interesting.. .with sp' 1944
We'll no doubt get a down cycle into the afternoon.
... the 1930s look due... which would really spook many.