Another overnight smackdown on VIX, which has managed to keep futures barely in the green in spite of an employment figure that hardly inspires confidence in a rate hike.continued for members…

I’ll stay with yesterday’s equity outlook for the time being.  VIX looks like it might test October’s lows (9.11).  So far, every tag of the purple TL has been a good buying opportunity — a pattern which will continue…until it doesn’t.  As always, keep those stops where you’re comfortable.

The employment data (on top of the Powell appointment) leaves DXY looking for an excuse to rally any further…

…which leaves USDJPY without any fundamental support.  Fake support is sufficient for now.RB and CL have rallied again overnight, with both notching new highs. We’re officially stopped out on CL attempted short. I’m going to spend the next hour updating all those charts and selecting potential upside targets.

In the meantime, take a look at the late-October/early-November effect in the past two years.  Nov 4 2015 and Nov 1 2016 (yellow arrows) represented false breakouts and were very good shorting opportunities which played out within 2 weeks.