11am update - nine Dow points

With the latest bullish news that Doha failed to reach an agreement, and the Brazilian President set to be ousted... US equities are naturally moderately higher. Most notable, the Dow has come within 9pts of breaking the critical Nov'2015 high of 17977.


Dow' daily

VIX'60min

Summary

VIX: imploding from the 14.90s to the 13.50s. The only level to break now is the 13.00 threshold.

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Arguably, any daily close >17977... is one of the very last short-stop levels to bail.

I realise some will disagree, and instead tout sp'2090 or even the Nov' high of 2116.

In any case... I'm about done with this.
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notable weakness.. AAPL, -1.6%

10am update - no downside power

US equities open lower, by an unquestionably lame -7pts to sp'2073.. and have already bounced to almost evens. For now, equity bears remain powerless, and from a pure cyclical perspective... just getting to the 2065/61 gap zone will be very difficult today. The 2050s look out of range.


sp'60min

VIX'60min

Summary

*opening hollow red reversal candle for equities, and a clear black-fail for the VIX. It doesn't get any clearer.
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For the equity bears, this open may as well be Dow +200pts with sp'2100s.

Its frankly pathetic.. and for those touting the sp'2400/500s - as I'm seeing increasingly.. well, you're on track.
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notable strength... DIS, daily

... and with a laggy stock like Disney on the climb... it really tells the story this morning.

Indeed, for the hyper bullish out there... look for DIS in the $105s.. that'll be a key sign.

Pre-Market Brief

US equity futures are moderately weak, sp -7pts we're set to open at 2073. USD is -0.1% in the DXY 94.60s. Metals are mixed, Gold +$4, whilst Silver -0.1%. Oil is -3.9% in the $40s, after no Doha agreement.


sp'60min

Summary

*overnight action, saw a low equiv' to sp -16pts... 2064, and indeed, equity bears should already be somewhat disappointed.
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So.. we're set to open lower, but equities are holding up very well relative to the major drop in Oil.

Targets?   Clearly, the gap zone of 2065/61 looks set to be filled today. A close in the 2050s looks difficult though.

Far more important is the most recent key low of 2033. Until that is broken, equity bears should be concerned another higher high is still viable... if not probable.
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early movers...

CHK -6%
FCX -4.5%
RIG -4.5%, SDRL -7%

*pre-market VIX +6.5% in the 14.50s

Since last week I've noticed I'm getting pre-market VIX quotes. Not sure if other trading screens were offering that... but its new to me.
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Overnight action

Japan: -3.4% @ 16275
China: -1.4% @ 3033
Germany: currently -0.1% @ 10036
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Have a good Monday... if you can.