11am update - the chop continues

Have ramped from sp'2039 (when the latest oil story broke), the market is in minor chop mode. Even if (and its a big if) the market is upset at latest China GDP number, a move to 2050 will not break trend, and will merely make for a higher low. VIX remains is reflecting this, breaking a new cycle low of 13.53.


sp'60min

VIX'60min

Summary

Its getting real tedious again.

There really isn't anything to motivate the market until the overnight China GDP number.

Yes.. the hourly cycle is STILL swinging back toward the bears.. but with opex tomorrow... the inclination will be for just more chop.. rather than for any notable declines.

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notable weakness, STX, -19% in the $27s. Its really not hard to imagine the 22/20 zone... if the main market cools just to sp'2K.. nevermind anything actually significant.

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time for some sun... before the storms arrive.