2pm update - waiting for the Fed

The FOMC meeting begins tomorrow, with the usual announcement on Wednesday. Bears should probably (at least) be sitting back until early Thursday. USD remains higher,  metals are stuck...Oil is flat after earlier declines of 1% VIX is higher, but a close in the 12s seems likely.


sp'60min

vix'daily3

Summary

I'm guessing that we are now in Blue V, the very last tiny wave of  big blue 5,  that itself will complete a large wave that began last November.

I am looking to launch a major re-short later this Thursday.

For the moment, I'm very content to sit back..and watch some minor chop until the Fed announcement - Wed, 2pm.

Lets be clear, we could easily jump (briefly) to 1570s..even 1580s. the latter of which would be a much better short level.