2pm update - the battle continues

US equities are clearly struggling to hold the morning low of sp'2066. The severe declines in Oil, -5.7% in the $37s are a primary downward pressure on the broader market. Metals remain weak, Gold -$12, with Silver -1.5% in the low $14s.


sp'60min

GLD, daily

Summary

So.. we're somewhat stuck in the 2075/66 zone.. as Oil is really restraining what should be a latter day recovery.

Rough start to the week for those long... and no doubt.. some of those bears who covered last Friday in the 2080/90s are real annoyed right now.

.. although less annoyed than those who were naked short GMCR.

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notable weakness...

Precious metal miners, the ETF of GDX -4.0%

Last weeks gains are being quickly eroded. $1045 is not going to hold as a multi-year low for Gold.. is it?

1pm update - battling to hold the morning floor

Price action remains somewhat twitchy, as the sp' battles to hold the earlier floor of 2066. VIX is holding sig' gains of 13% in the 16.80s. Metals remain under USD pressure, Gold -$10. Oil is entirely unable to draw in any buyers today, -5.6% in the $37s.


sp'60min

VIX'60min

Summary

The 11am candle offered a rather good floor at 2066... but this past hour has not showed any real follow through.

It remains a somewhat strange day.. other than the continued broad weakness in Oil, there is little reason for today to be anything other than minor weakness.. before resuming higher.

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notable weakness...

CHK, daily

The horror continues in the oil/gas sector. CHK was in the $29s in summer 2014.. now the $3s look viable in the near term. Even a near 50% jump to $6.00 (into Jan' 2016) would in no way negate the broader downward trend.
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stay tuned

12pm update - time for a latter day recovery

US equities have seen a surprisingly strong retrace of the Friday gains... with an intra low of sp'2066, with VIX maxing out at 17.18. Equity bulls need to claw back at least half of the losses, with a daily close in the 2080s. Commodities remain weak, Gold -$10, with Oil -5.3% in the $37s.


sp'15min

VIX'60min

Summary

*hourly VIX candle sure is spiky
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This mornings declines are certainly far stronger than seemed viable, not least as there really isn't any spooky news. Clearly though... the weakness in Oil is downward pressure for broader market sentiment.

Considering Oil is now in the $37s.. there is again threat of a bounce... but that will dependent on the next pair of inventory reports.
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In the near term, renewed equity upside still seems due... at least to 2115/20.

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VIX update from Mr T.




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time for lunch