12pm update - minor down cycle

US equities have naturally seen a morning peak of sp'1979, around the typical turn of 11am. All things considered, a daily close in the 1970s remains more probable than not... along with VIX 20s. With the USD +1.1% in the DXY 95.90s, metals are under pressure, Gold -$7... but Oil is very resilient, +2.4%


sp'15min

USO, daily2

Summary

*I am short term bullish Oil.... with USO to the low $16s... but I won't get involved on the long side for the remainder of this cycle.

Issue... if Oil can rally into Wed'.. with another net draw in the EIA report.. then it'll certainly help the broader market push into the sp'2000s.
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Little to add

Unless we take out the Friday low, I've ZERO inclination to get involved until the sp'2000s.
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VIX update from Mr T.



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time for tea.. on what is a rather horrible grey & rainy day in London.