12pm update - the VIX remains relatively subdued

Whilst US equity indexes remain moderately weak, the VIX is still relatively subdued, only +5% in the upper 14s. For now, the market remains comfortably complacent, and there still seems no realistic opportunity of sustained/significant downside until after the long holiday weekend.


sp'60min

VIX'60min

Summary

A daily close under sp'2030 would be marginally interesting.. yet. .cyclically, both equities and oil are due yet another up wave, one that will probably last into next Tues/Wed.

For the moment, I still can't take any of the current weakness seriously.
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notable weakness.. oil/gas drillers

SDRL, daily

The recent bullish hysteria has been largely negated. SDRL remains on the 'disappear list'.. along with RIG... and many others.

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time for lunch