It has been a bit of a mess this morning, with the sp' swinging from an early high of 1999 to 1976. The VIX has naturally turned positive, clawing from a new cycle low of 18.53 to 19.73. With Oil -1.2%, the market is again vulnerable to the sp'1950s... this afternoon could be rather interesting.
So.. with a failure to clear the psy' level of 2K.. and Oil turning lower, the market is under some pressure.
Once again, the natural retrace low would be somewhere in the sp'1950s... which considering this mornings' reversal.. seems possible this afternoon.
Broadly though... upside into next week still looks due.... to the 2040/60 zone.
notable weakness, AAPL -1.1%... ugly daily chart.. but more on that one later
VIX update from Mr T.
time for tea..
12.28pm... My two favourite short-Dow stocks in the past cycle...
DIS -1.0%.. and that is with indexes broadly flat.
I'll certainly look to catch them once the broader market appears maxed out.. but right now, I'm guessing that won't be until late next week.