1pm update - the battle continues

It remains a rather fierce battle, but the equity bulls still look set to win this round. First target remains the sp'1970s. Considering the decline from sp'2081 took around 8 days, the current rally from 1901 will likely take 3-4 days... taking us into opex-Friday/next Tuesday.


sp'60min

vix'60min

Summary

Little to add.

Price action/structure look bullish in the near term... but it merely sets up a big bear flag for late January.
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There are a truck load of dynamic movers today... esp' in energy/mining land..

CHK -9.0%
CNX -7.0%
GDX -3.4%
FCX -12.5%.. see my 'fair value' post from last night. FCX is clearly being priced for 'disappearing'

RIG -4.3%
TCK -8.8%

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back at 2pm