11am update - VIX breaking higher

We're seeing a little index weakness, but more interesting is the VIX, which has finally broken the 14 threshold. VIX 14 is of course still a bizarrely low level. Metals are strongly higher today, Gold +$18, with the dollar moderately lower.


vix'daily3

sp'daily5

Summary

Well, its still nothing even moderately decisive. Bears need a close <1500, and really in the low 1490s to give any clarity that a retracement is underway.

If the Fed please the market..then we could just as easily close higher..yet again.

*transports and IWM which were flat yesterday are now likely to be the ones leading lower..so...eyes to them!
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With the Fed later this afternoon, it could get a little wild.

Based on the last 4 trading weeks, this mornings minor declines..will reverse..and we'll close +5-7pts.. urghh.