sp'60min
VIX'60min
Summary
There is ZERO reason to think 1942 is a key low, any more than 1989, or 1979.
With VIX already in the 25s, next level is the 30 threshold.
Indeed, if sp'1920/00s tomorrow, then VIX could max out in the 31/33 zone.
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The Friday close will be critical. There is HIGH risk of a Monday washout of another 125/150pts.
We should have clarity of that issue by 3.55pm tomorrow.
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notable weakness...
AAPL -3%
CHK -5%
FCX -11%
TWTR -4.2%... as most momo stocks are also unwanted
strength: GDX, +4.7%.. as the precious metals hold that fear-bid... but it won't last.
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3.25pm.... sp -49pts... @ 2041
*I've been suffering from trader paralysis for some days... however, I am now long VIX.. via TVIX. Stock.. NOT options.
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3.32pm... sp' breaks a new low of 1938... with VIX 25.86.
A move to 1920/00 zone looks a given... that should offer VIX close to 30.
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3.41pm.. chop chop.... but clearly.. another day for the equity bears.
Ohh lookie.. Mr Mcclellan
back at the close