10am update - morning chop

Good morning.A choppy open, we could easily turn a little red in the next hour, but really, its all noise again. There appears near zero downside momentum, and the VIX confirms the near complete confidence in the market that 'everything is just fine'.


sp'60min

sp'daily5

Summary

Action in the indexes is very much like the latter half of August. Sideways chop for over a week, and then... BAM, further moves higher ! So, the question would be, whats the next excuse for a major gap higher into the 1480/90s ? With the QE3 decision out of the way, maybe earnings will come in 'better than expected'?

Frankly, its looking pretty bad for the bears. The only negative remains the transports and Oil, both of which could close the month in a pretty bearish way.

Even sp'1440 right now looks a stretch.

Back at 12pm