11am update - quad-opex washout

US equities have continued to unravel from the post-FOMC high of sp'2076 to 2018, along with VIX spiking to 21.55. A latter day recovery remains very viable, not least as its quad-opex. Metals continue to rebound, Gold +$14, with Silver +2.7%. Oil is similarly on the rise, +2.0%.


sp'60min

VIX'60min

Summary

*equity bulls only need a close >2012 for a net weekly gain, but clearly, the 2040/50s would really clarify upside into early 2016.
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So... a morning washout on what is a pretty dynamic quad-opex. Considering the entire year of price action, a Dec' opex close around 2050 would be the more natural pin level for the market makers.
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notable weakness...

DIS, daily

Downgraded by BTIG.. with a target of $90, on the basis that ...  'the outlook for 2017/18 is overly bullish, as impacted by ESPN.' Frankly, its nonsense talk, but Mr Market is clearly spooked, and has whacked the stock significantly lower.. on Star Wars day no less.

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Here in London city...

Yet another day of grey gloom... although it sure ain't cold.
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time to cook