Whilst equities remain moderately weak, there are far more important matters. The Rosetta probe 'Philae' is due to land on the comet around 4.02 GMT (11.02am EST). It is a pretty historic event, and frankly... my attention will remain there.
sp'60min
VIX'60min
Summary
*opening black-fail candle on the VIX, not exactly inspiring for those seeking further declines this morning.
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So.. early equity declines.. but nothing significant, and it is a wonder where the excuse/reason will come from for a push back under sp'2000. Retail sales this Friday... or something next week?
Good morning. Futures are moderately lower,sp - 8pts , we're set to open at 2031. Metals are broadly flat. Energy prices are on the slide, Nat'gas -0.9%, whilst Oil -0.4%. Equity bears should be seeking a weekly close at least in the 2020s.
sp'weekly
Summary
So... we're set to open a little lower, with the first target of the 50 day MA... some 3% lower. Clearly, that is not going to be hit this week.... but perhaps.. later this month.
Anyway... I'm not expecting too much from today. Trading vol' is likely to remain very light.
Early mover, BTU -1.4% @ $10.98... broader target is $5... but that is likely to take another 6-9mths.
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Doom chat with Hunter and Turk
More dollar doom discussion, along with the usual insane talk of 'Gold/Silver shortages'..... utter nonsense talk of course. King $ remains... King, and there are enough precious metals for everyone who wants any.
Ohh, and I've no doubt some of you will vehemently disagree with that, but hey... stay short $ and long metals. See how that continues to work out.
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9.34am... VIX jumps almost 6%.. but still only in the mid 13s. Tis a long way to go.. just for 15/16s.
9.43am.. Opening black-fail candle on the VIX... should not inspire the equity bears.
US equities continued to break another trio of new index highs, with sp' 2041, Dow 17638, and Trans 9104. A retrace to the sp'1980/50 zone looks very likely, but that will likely be all the equity bears get in the remainder of the year.
sp'daily5
sp'daily3 - fib levels
Summary
Little to add, on what was a very quiet day. I've added a fib' chart, and its kinda interesting to see the 61% fib retrace at the Aug' low of 1904, but really, that looks almost impossible to hit.. its a very significant 7% lower.
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VIX daily'3
A new up wave in the VIX is way overdue... but 18/20 at most, before year end. The 30s now look an extremely long way up... and I can't believe that high will be surpassed for many months.
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Looking ahead
There is wholesale trade data (10am), but really, few will have much interest in that.
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