US equities are holding moderate gains, but look increasingly vulnerable this afternoon, and much more so.. across tomorrow morning. A natural retrace to around sp'2080 - with VIX 15s, looks probable.. with Mr Market using Yellen as an excuse to 'get spooked'.
Little to add.
*I do refer anyone to the VIX update from Mr T'... added late in the previous hour.
So... I'm expecting a minor net daily decline... 2095/90 zone... with 2085/80 tomorrow morning.
Broadly... the weekly cycle is continuing to suggest upside into early August.. before things 'get interesting'.
back at 2pm