The key sp'1900 threshold fails to hold, although price action remains very much in non-panic mode. VIX is in the 26s.. and it would now seem sp'1867 would equate to VIX 29/30 zone. Commodities remain broadly weak, Gold -$11, with Oil back on the slide, -2.0% in the $44s.
Well, it seems I was overly cautious.. and we're seeing a market that simply can't hold key support.
There is now obvious threat of 1867.. whether tomorrow or Wednesday.
notable weakness: FCX -10%... as many question how low Copper might go.. along with the fate of Glencore.
*With support broken, I will consider a re-short on any minor bounce into the afternoon
VIX update from Mr T.
time for tea
12.04pm.. R2K... breaks the Aug' low.
Next support... 1040.. the low of Oct'2014... and that would equate to sp'1820.. this Thurs/Friday.
12.27pm... Market trying vainly to form a floor..
Right now.. best case upside bounce is 1910/15...