10am update - opening reversal

US equities break a new cycle low of sp'2019, but then see a swift reversal into the 2030s... no doubt as many short across the weekend are covering. USD is building gains, +0.4% in the DXY 99.20s. Gold +$3. Oil is seeing further swings, +0.2% in the $40s.


sp'60min

VIX'60min

Summary

An opening reversal... and its looking like we have a key floor of sp'2019.

The wild card remains Oil. Any loss of the $40 threshold would upset the broader market. The next pair of inventory reports (Tue AH, and Wed am) will be pretty important, but then, aren't they always?

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notable reversals..

AAPL, from -1.5% to +0.4%
NFLX -2% to +2.5%

weakness: airlines, DAL, -2.5%... despite Oil remaining weak. Algo-bots auto selling trans/leisure post-French event?

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back soon