11am update - eyes on the VIX

US equities remain broadly weak, with the sp -16pts @ 2049. Arguably, more important is the VIX, currently +8% in the 15.30s. Equity bears should be battling for the sp'2030s, but more especially, VIX 16s. Further upside to VIX 18s looks probable, and that would likely equate to sp'2015/10.


VIX'daily3

sp'daily5

Summary

Suffice to add... how we close today will be rather important.

A close in the sp'2030s will clarify we'll at least see 2020/15... maybe 2010/05 zone by the Friday close.

In terms of VIX, the 16s need to be seen today... if not somewhat closer to the 17s.
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notable weakness, FCX -6%... as the 'junk' usual suspects are all getting sold powerfully lower again.

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time for lunch