12pm update - continuing swings

The sp'500 has naturally seen a reaction in the 1880/90 zone, already retracing back around 1.2%. Broadly though, a net daily gain still looks probable, with further upside into next week. Metals are mixed, Gold +$6, whilst Silver is u/c. Oil is seeing rather strong swings, now -2.5%, back in the $27s


sp'60min

USO'daily2

Summary

So, despite a net weekly draw, Oil is back on the slide, back to the lows from Jan'20th - when equities were flooring at sp'1812.

WTIC Oil in the teens looks highly probable... the only issue is whether it trades there for just a few days... weeks.. or months. Those seeking sp <1500 this year, are going to need the latter.
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As for equities, yes its choppy... but the market has just managed to battle through Yellen, and another oil report.

Unless rising trend - which at the close of today @ 1830 - crucially.. under the Monday low of 1834, is broken... there is little reason to be bearish in the immediate term.

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VIX update from Mr T .




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time for tea