12pm update - still sliding

US equities fail to hold the sp'2017 floor... and thus another little spiral downward has occurred. Next key support is the giant 2k threshold, but considering the near term market mood, a decline to the 200dma of 1960 is now on the menu. What is clear... the doomer roaches are crawling out of the woodwork today.


sp'daily5

VIX'daily3

Summary

So... market is still on the slide, and now its a case of whether 2k.... 1970s..or the big 200dma.

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As for the doomer roaches

They are again starting to get noisy.. but then... it was expected. Clearly the economy is going to collapse because energy prices are 'too low'... right? Clearly.. a 25bps fed rate rise is going to KILL the system, right?

Well.. that is what they are again loudly touting.... but then.... those same roaches have been saying that since 2011.. almost a full 1000pts lower down.

Not even 5% from historic highs, and almost everyone gets hysterical over an imminent collapse. Truly... tiresome.

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VIX update from Mr T.



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time for lunch... back at 3pm

11am update - morning chop

US equities are seeing minor chop, which on some indexes is arguably a mere floor re-test. VIX is +2%, but not showing any real upside power. Metals are holding minor gains, Gold +$3. Oil remains very weak, -1.6% in the $48s.


sp'60min

Summary

*it is typical turn time of 11am... if the market is going to hold the sp'2017 floor. now would be the time to see a definitive secondary low put in.
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So... rest of the day will be interesting. Can the market hold the 2017 floor... or another spiral down to 2000/1970s? I'm guessing... market will rally from either late today/tomorrow. Big jobs data on Friday.... its amusing how many seem to lose perspective so easily. Its like the majority only have a memory that spans the the previous 5-10 days... and nothing before that ever happened.

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*I am long the R2K from 1176, will hold into Friday. Broadly, the 1250/75 zone looks viable in the next wave higher.. but that is clearly some weeks away.


11.17am... Well.. so much for the floor.... sp'2014....

Regardless... I can't.. and won't take ANY of this crap seriously. 

10am update - vulnerable gains

US equities open a touch higher, but the gains look highly vulnerable to failing. Metals are continuing higher, Gold +$5. Energy prices remain weak, Nat' gas -1.7%, with Oil -1.5%


sp'60min

Summary

*awaiting a trio of econ-data

PMI service 53.3, a touch below expectations.
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So... we're a little higher, but this is nothing for the equity bull maniacs to get excited about.

Market looks set for another wave lower today.... although it might merely get stuck at yesterday's low, forming a double micro-low of sp'2017 or so.

Notable strength: miner ETF of GDX +1.7%, making a play for the $20 threshold


10.01am.. ISM  56.2.... moderately poor... market slipping

10.03am.. Seeking to go long the R2K.... target is 1175/73......

10.15am. Long the R2K from 1176...  will hold into late Friday.

.... now its the waiting game.
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Watching clown TV, interesting to see how twitchy the cheerleaders are about ECB QE. They are absolutely desperate for more printing.. and that is with the US indexes a mere 3% from historic highs. Utterly... laughable.