sp'60min
Summary
Little to add... ahead of the jobs data.
As ever, it will not be the number itself that matters... but how the market interprets it.
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Overnight Asia action....
Japan: essentially flat.
China: remains CLOSED until next week
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Update from Oscar
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Eyes on 1900
If we don't break under sp'1900 today... it would bode badly for the equity bears next week, and will threaten a straight run to the 200dma in the 2050s by late Oct/early Nov.
Long day ahead
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8.32am.. 142k net gains.... 5.1 rate
Market snaps violently from +14pts.. to -5pts....
Hmm
Bad news is bad news... really?
8.33am.. sp -12pts... 1911....
8.41am.. sp -18pts.... 1905..... almost there.
8.47am sp -20pts... 1903....
Watching Ms. Swonk on clown finance TV.. she feels like she is in quicksand. Well, she never did see 2008 coming either. At least she is consistent in her failure.
notable strength, TVIX +5%... but really. that is still a small move.
Can the VIX get to 27/28s today? Technically.. it IS possible.... right now.. it'd imply a BREAK under 1867... if 27s - relative to yesterdays' lackluster VIX.
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8.57am... sp -18pts... 1905...
.. but don't worry.. the Bernanke is on CNBC next Monday. He will make it all better..yes?
9.14am.. sp -24pts.. 1899.. so we have a threshold break.
In theory.. we should be -55pts.. around 1870/67 this afternoon.. with VIX 27/28s.
9.16am.. sp -27pts... 1896.. its pretty decisive now.
Today at least.. bad news IS bad news.. and the market is increasingly upset
9.36am.. Hourly MACD Cycle set for a bearish cross at 10am...
Eyes on the VIX +8% in the 24.50s ... first target 27s.