12pm update - holding gains

US equities are holding moderate gains, with the sp +16pts @ 1969. The VIX is naturally cooling, -5% in the 22s.. sub' 20 looks highly probable later this week. Metals are weak, Gold -$4, whilst Oil is trying to build gains of 1.5%.. but still in the $44s.


sp'60min

VIX'60min

Summary

So... market has some gains, and the equity bears are no doubt getting real annoyed, as the big sp'2K threshold is looming for later this week.

Frankly, who the hell wants to be short ahead of the Fed?

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As for me...  I'm merely holding a micro USO-long position. I'm reasonably confident it'll be in the 15s given a few days... but that will mean I hold through the FOMC.

I've eyes on DIS, but there are increasingly broader bearish issues in the market.. and I'm generally inclined to just be on the sidelines until the next cycle peak.

In any case.... at least I'm not short.

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VIX update from Mr T.



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time for tea :)