VIX jumps higher

With multiple earnings disappointing the market, equities opened sharply lower, with the VIX climbing to a morning high of 18.41. As is often the case though, VIX cooled into the afternoon, settling +10.9% @ 17.22. Near term outlook offers a sig' equity rebound.. with VIX still viable to fall to the 14/13s.


VIX'60min

VIX'daily3

Summary

*a daily black-fail candle.. which bodes in favour of the equity bulls for Wednesday
--

Considering the major drop in equities in the morning, it was almost a little surprising that the VIX did not re-take the key 20 threshold.

The daily close offers a clear break of near term down trend, but overall.. equities do look highly vulnerable to resuming upward.. to new historic highs.
--

more later... on the indexes

Closing Brief

US equities settled broadly lower, sp -27pts @ 2029 (intra low 2019). The two leaders - Trans/R2K, settled -1.2% and -0.5% respectively. Near term outlook offers renewed strength post FOMC announcement, and if GDP comes in >3%... Mr Market has a high opportunity of attaining a weekly close in the 2070s.


sp'60min

Summary

*awaiting AAPL earnings at 4.30pm
--

An interesting day... certainly for the bears.. but there are indeed plenty of signs that we have a floor of sp'2019.

It remains bemusing that few seem to want to reflect upon the fact that the US market remains very close to historic highs.


UPDATE 4.45pm..

AAPL earnings... greatly exceed (by around 20%) market expectations.

Main market dragged higher by 0.5% in early AH trading...

--
more later.. on the VIX

3pm update - chop into the close

Having clawed from the earlier low of sp'2019, the market looks set for some moderate chop into the close. The bull maniacs should be content with any close in the 2040s, which keeps the door open for a key break >2064 as early as late Wed' afternoon. Metals and Oil both holding somewhat significant gains.


sp'60min

VIX'60min

Summary

*awaiting AAPL earnings at the close (4.30pm.. I believe)
--

So... an interesting day... and the equity bears justifiably whacked the market lower on what have been some clear earnings misses... but also on guidance issues in terms of strong USD concerns.

Overall though, I can't take much of it seriously. Nothing has changed.

The EU QE-pomo program hasn't even started yet, and I'm still seeing chatter about a key top being put in.... err... no.
--

Notable strength: miners, GDX +2.9%...
--

... barring renewed weakness......... back at the close


3.30pm.. oh well, renewed weakness, sp -25pts @ 2031... clearly the 2040s are out for today.

Notable weakness, INTC -4.2%...