11am update - moderate chop

Equities are seeing some moderate chop around sp'1970, having briefly cooled to 1960. The smaller 15min cycle is still offering weakness into the afternoon, with the market having climbed 108pts since the Tuesday close. VIX remains naturally weak, -14% in the 25s.


sp'15min

Summary

Despite new morning highs... from a pure cyclical perspective, we're due a down cycle of at least 2-3 hrs.
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*I remain on the sidelines... have little interest to re-long... with the cycles as they are.

AAPL, 15min

Despite the market breaking new morning highs.. AAPL still can't push above the opening level in the low $112s. Considering 110 has already been seen today, if the main market rolls lower... 109s are an easy target.

I'd consider an AAPL-long in the 2pm hour... but I sure ain't in a hurry.

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notable strength: FCX +16%.. after some cost cutting announcement.