10am update - no downside power

US equities open lower, by an unquestionably lame -7pts to sp'2073.. and have already bounced to almost evens. For now, equity bears remain powerless, and from a pure cyclical perspective... just getting to the 2065/61 gap zone will be very difficult today. The 2050s look out of range.


sp'60min

VIX'60min

Summary

*opening hollow red reversal candle for equities, and a clear black-fail for the VIX. It doesn't get any clearer.
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For the equity bears, this open may as well be Dow +200pts with sp'2100s.

Its frankly pathetic.. and for those touting the sp'2400/500s - as I'm seeing increasingly.. well, you're on track.
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notable strength... DIS, daily

... and with a laggy stock like Disney on the climb... it really tells the story this morning.

Indeed, for the hyper bullish out there... look for DIS in the $105s.. that'll be a key sign.