11am update - market pushing back upward

It has been a pretty choppy start to the week, with failing gains..but then another whipsaw to the upside. It is indeed going to be a very dynamic week in terms of price action. Metals remain weak, Gold -$9, with Silver -0.9%. VIX is battling to hold fractional gains, in the low 14s.


sp'60min

Summary

*I picked up two new long positions, RIG, and SDRL, will seek to hold them for at least a day or two.

Currently, LONG CHK, RIG, SDRL, STX,    and SHORT, SLV (which I'm seeking to drop today, its annoying me).
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For me, the action in AAPL is probably a tell. If the giant AAPL is picking up some serious underlying upside, then the broader market should be okay...

AAPL, monthly

The low 600s look pretty easy to hit.
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11.28am.. suffice to say, it remains a bit of a mess this morning.

Momo stocks having real trouble, with AMZN leading the way lower...but...

AAPL is higher, and there are certainly some stronger sectors in the market.
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Bears just seem to lack any downside power..despite the current minor weakness.

Hourly index charts.. still offer the bears  VIX 15s, with sp'1850/45...but really, that will be real difficult.
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11.40am.. RIG and SDRL, looking pretty good, and there is noticeable strength in some of the resource stocks out there.

Well, no one can complain..this ain't a dull start to the week!

10am update - opening reversal

Mr Market has begun the week with opening gains, but those have already largely failed. Bears should be battling for VIX in the 15s..with sp'1850/45. If equity bulls can hold the line there though, there remains high probability of renewed upside. Metals remain somewhat weak.


sp'60min

vix'60min

Summary

*I have my eyes on RIG and SDRL, on the long side....but first, I want to let the indexes slip lower.
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We have started the week with some pretty dynamic opening price action....at least its not boring, right?


10.00am... getting messy...indexes rebounding..and VIX cooling.

Will be a lot of confused traders after this open.
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10.03am.. RIG, SDRL continue to retrace lower...I will look to pick them both up. They are already tempting targets though after last weeks big turn.


10.10am.. Anyone else noticed AAPL ?  Its flying..for the low $600s.


10.20am.. LONG RIG from 42.60s


10.24am.. most annoying open for some weeks? Fails opening gains..reversal lower...then whipsaw higher..and VIX turns red.

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I am now eyeing SDRL for another long block.

10.32am.. LONG SDRL from the 34.50s. - seeking 36/37 


10.42am.. RIG and SDRL are starting to fly already.

Anyway..main market is holding together, and with QE tomorrow...bears face same old issues.

Pre-Market Brief

Good morning. Futures are moderately higher, sp +10pts, we're set to open at 1873. Equity bulls need to at least hold above the 1850/45 zone this week. As it is, With sig' QE-pomo today and tomorrow, the bears face the old problem. Metals are a little weak, Gold -$2, Silver -0.8%.


sp'60min

Summary

We have a pretty packed week ahead. Suffice to say....for full details, see the weekend post!
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Mr Permabull is starting the week...bearish...



Considering the weekly charts, I'm really bemused how Oscar is seemingly spooked. All the indexes are holding well within their broader up trends. For instance, Transports would have to fall 3% just to test rising support.
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As for me today, well, I have my sights on picking up RIG and SDRL, but those might both open significantly higher, and I'm not particularly in the mood to chase them higher.
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Good wishes for the week ahead!
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8.52am.. sp +7pts... 1870.

Notable strength: FCX +1.1%, which is pretty impressive - considering the weak metal prices.


8.56am.. Notable weakness: AMZN -0.8% @ $301.  A break <300 would be a warning for the broader market.

Regardless, hourly index charts offering upside into FOMC Wednesday. The fact we have QE today and tomorrow can only help.


9.35am..ohoh, black candles appearing all over the place...just like Friday morning. Bulls..beware.

If we do fail to hold the gains, downside target zone is 1845/50.


9.41am... black-fail candles... it is a problem, and the indexes are starting to slip.

AMZN snaps ....fails to hold $300


9.43am VIX due to snap higher in 10/15mins......kinda interesting open.

I continue to have my eyes on RIG and SDRL...once the smaller 5/15min cycles are floored.