Bearishness

Reflecting near-term bearishness, the benchmark oil contracts slipped back into contango in Asia trade on Thursday, meaning spot prices were lower than those for delivery months later.

However, the VIX does tell us when short-term market bullishness or bearishness is taking over.

Generally speaking, a level of bearishness characterises market activity, as the US-China trade war continues to rattle nerves.

It will take a move above that area to shake some of the bearishness to disappear.

The Eurodollar speculative position (not to be confused with the EURO currency) has seen an increasing bearishness for six consecutive weeks and for eight out of the past ten weeks.