Good Night NY.
This was expected, after all of us intellectually bearish traders capitulate, the market pulls back. We’re at very interesting technical levels and heading into August, which as some of us remember was just a slippery slope downward last year. Being OPEX today we might have just experienced some profit taking after the nice little run-up. On the other hand we might be seeing a technical rollover from 1375. Monday will clarify things a bit.
- The VIX surprised me today closing up + 5.31% at 16.27 but well off it’s tagging of 17.
- Gold (GC) didn’t want to follow the market and closed up + 0.26%
- The S&P (ES) closed – 0.98%
- Europe: CAC40 – 2.02% and with little surprise the FTSE falls in lign with the S&P down – 1.09%
- Oil (CL) closed down – 1.19%