Volatility melts lower

The VIX opened higher, but with an opening black-fail candle - seen best on the hourly cycle, it became clear that the market would likely remain subdued. VIX settled -0.8% @ 13.25. Near term outlook offers small chance of VIX 14.50/15.00, but then further declines, with sp'1900s.


VIX'60min

VIX'daily3

Summary

A very quiet day.

Today's opening candle was yet another good example of why I often highlight the black-fail - or red reversal candles. Often they are good indicators of where the market is headed for the rest of the day.

As things are, equity bears have little downside power, and I do not expect sp<1814 for at least 2-3 months.
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more later..on the indexes

Closing Brief

US indexes closed with moderate gains, sp +7pts @ 1871. The two leaders - Trans/R2K, settled higher by 0.7% and 0.4% respectively. Near term outlook offers minor downside (if at all), but with the sp'1900s seemingly a given..within a few weeks.


sp'60min

Summary

*awaiting NFLX earnings...will update as necessary.
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So, a pretty dull day, Indeed, I'm kinda bemused that the US market even bothered to open today - whilst much of the EU was closed.

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Have a good evening
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more later..on the VIX


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4.04pm.. NFLX earnings.. reasonable... but the stock is unstable...+4%... -2%..now +3%.

4.14pm.. NFX +6%..and there remains very viable upside to the 375/85 zone tomorrow/later this week.

Certainly, it remains one of the cheaper things for the average USA/European consumer to subscribe to, and I'm still bemused how little their charge per month.

I'd have little doubt they could ramp prices to $15 a month, and most would still pay.

3pm update - awaiting the NFLX

A minor up wave, and equities are again trying to break the sp'1872 high. VIX is back into melt mode, -1% in the low 13s. Metals remain weak, Gold -$6. Earnings at the close, NFLX, currently +0.1% @ $346.


sp'60min

Summary

Suffice to say, a very quiet day, merely curious to see how NFLX earnings were.

My guess?  Better than expected, and I'd not be surprised to see the stock trading in the 375/385 zone in AH. Of course, whether it can hold those gains into tomorrow morning, that has often been a problem in the last few quarters for many of the momo stocks.
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3.13pm.. Is it me, or are all momo stocks starting to catch a bid? FB, TWTR, TSLA, they're all significantly higher now.

At least something is going on today!


3.22pm... minor chop..but still...we're set to close higher for a FIFTH day, pretty impressive.


3.38pm.. notable movers... coal miners... BTU +4%, , whilst WLT -9% (downgraded by GS)