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Softer Stocks Work in Favour of VIX

EQUITIES
  • A negative European open fed directly into a poor start on Wall Street, with all three major indices lower into the close. Weakness was led by materials, energy and tech names, resulting in further underperformance for the NASDAQ against other bluechip indices.
  • The weakest single names include Freeport-McMoRan (off with gold prices) and much-beleaguered chip and device makers, with AMD, Micron Tech and Western Digital all sliding sharply.
  • Downside in the E-mini S&P puts the index on course to challenge the 20-day EMA at 4479.62 initially, and weakness through here would narrow focus toward the bear trigger at 4347.75.
  • Further weakness in stocks worked in favour of the VIX, which extended this week's rally to open a gap with this month's lows of 15.7 points.
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