With the FOMC announcing (not surprisingly) no policy change, US equities remain in moderate chop mode. With that event out of the way, the VIX is under downward pressure, having already imploded to 13.50. There is notable strength in the precious metals, Gold +$5, with Silver +0.8%.
*ironically, the only thing unexpected about today was that there was no press conf. I normally check, but no... and I'm somewhat pissed at myself.
re: equities: price structure is offering a big bear flag.. with threat of closing upside to 2095/2100 zone. Considering tomorrow mornings GDP data (how the hell will they spin near zero/neg' growth as a positive?)... I doubt we'll open higher tomorrow.
So.. if the bulls are going to wash out the bears again.. it'll be into today's close.
re: VIX. With the FOMC out of the way, the VIX naturally cooled... currently choppy, and showing ZERO sign of breaking upward.
notable weakness.... NFLX -1.7%... sub $90 still looks due.. and relative to the main market.. it is one ugly stock.
3.09pm.. sp'2096... a mere 15pts (0.7%) from the recent key high...
I still think 2060s before the weekend, but any hope of <2060 is clearly out of range until next week.. which is almost as annoying as not realise there wasn't going to be a press conf............ urghhhhhhhh
3.20pm.. sp'2098.. right in the little target zone... we really should get stuck around here.
Oil +3.0% in the $45s... that is clearly part of the reason.
Gartman (still alive.. far as I know)... is bullish Oil now... from what I read on ZH.