1pm update - market holding up well

Considering the great uncertainty out there, this market is holding up very well. Partly its technical, we were certainly due to cycle higher on the smaller cycles, but clearly the renewed talk of Fed easing next Wednesday is helping to entice some buyers.


sp'60min

vix'60min

Summary

VIX battling to get back over 24, but if you look at the cycle, its highly unlikely to hold, and a close of 23.50/25 would be the best guess right now.

A close of 1330 would be surprisingly strong..and thats just 20pts away from my primary target zone. From a Permabearish traders point of view, it seems a 'WAIT until after FOMC Wednesday' is now the only position to take.

Oil is catching a bid right now...more on that later though.