10am update - choppy open

US equities open with some rather strong chop. There remains high threat that Mr Market will want to wash out the sp'2K stops before forming a key floor ahead of Wed' afternoon. Metals remain moderately weak, Gold -$5. Oil is -1.1%, having broken a new multi-year low of $34.53.


sp'60min

Summary

A fair few moderate swings should be expected between now and Wed' afternoon.

All things considered, a brief foray under sp'2K looks likely.. before the market has opportunity to launch on a crazy 'relief ramp'.. after the Fed.

*to be clear, unlike some out there (not least the maniacs on Zerohedge)... I do not expect a market collapse in the near term.

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notable strength...

DIS, daily

As Star Wars VII is set to be released later this week.
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long week ahead.............. stay tuned
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10.30am.. sp' 2003..... VIX 26s.. we're getting real close to what will likely be a key floor.

Considering a typical turn/floor is around 11am.... equity bears should be kinda careful right now.
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notable weakness:  GDX -2.5%.. as Gold cools, -$7