3pm update - chop into the close

US equities are set to close moderately weak, with the sp -4pts @ 1982.. having earlier hit 1991. VIX remains broadly subdued, -0.4% in the 19s. With the USD -0.7% in the 95.40s, there is some strength in commodities.. Gold +$11, with Oil +4.4% in the $48s.


sp'60min

USO, daily2

Summary

*if tomorrow's EIA report can please the market.. then WTIC will be testing $50.. with USO up another 3-4%.
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Little to add.

A day of relative chop... further equity weakness is probable tomorrow... but from a trading perspective, it looks a lousy trade.

A move above the FOMC (minutes) high of sp'2020 looks due.
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back at the close

2pm update - still tiresome

US equities see a micro wave to the upside.. and whether you want to call it a B wave, 2, or whatever.. a retrace appears underway from a cycle peak of sp'1991... to the 1950s. VIX is seeing the usual minor chop, +1.5% in the 19.80s. Any sustained action >22/23 looks unlikely this week.


sp'60min

vix'60min

Summary

Utterly tiresome.

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*if we're in the 1950s tomorrow.. or Thursday.... what do I do then?

Pick up a moderate long position, in what?   I like DIS, AAPL, but both of those remain weaker than the main market.

INTC... but that has seen a powerful ramp to the $31s already...  I am not in the mood to chase that one up.
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notable weakness, airlines (no doubt pressured via Oil), DAL -3.3% @ $45.40s.. still a full $2.00 above my short-EXIT.  I suppose its a viable short if main market maxed out... with DAL no higher than 47/48.

1pm update - vaguely interesting

The continuing weakness from sp'1991 is only vaguely interesting.. and even if we see the 1950s tomorrow, it should make for no consolation for those still resolutely holding short from last week. VIX +2%.. back above the 20 threshold.. but still 20% below last Friday mornings high.


sp'60min

VIX'60min

Summary

Little to add.

A retrace of a 98pt hyper-ramp is clearly underway... obvious 38%.. around the gap zone... viable Wed/Thursday.

Tiresome day...  and it seems most of you out there are in agreement.. and don't even have your screens active.

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notable weakness, NFLX -4.3% @ $106s....    most of the momo stocks having issues today.
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back at 2pm