12pm update - moderate weak chop

US equities remain moderately weak, which cyclically, is arguably the worse setup for the equity bears into 'jobs Friday'. VIX continues to reflect a market that is increasingly confident that 'everything is fine again'. That is clearly not the case, and its just a matter of another few weeks before this latest multi-week up wave concludes.


sp'60min

VIX'60min

Summary

Little to add.

There is HIGH risk tomorrow that the market will consider the latest jobs data as 'Goldilocks'... with a break through of sp'2K.... washing out a huge amount of bears into the weekend.

... and that will open the door to 2020/40 zone by the FOMC of mid March.

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**I'm guessing no VIX updates from Mr T. at all this week.

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time for lunch :)