Another V-shaped recovery on a Friday. Not very original, but it certainly staved off another ugly day for the bulls. The SMA200 remains stalwart support for all the broad indices except COMP — which is now 4.95% above its.
VIX remains a primary factor in equities’ direction, constructing rallies overnight that place it in a position to decline during market hours.
It will be in the clear within another day or two, meaning bears have no time to waste if they hope to make any progress.
The US dollar is another big factor — rallying on continued euro and yen weakness.
The biggest wild card, however, remains oil and gas.
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