10am update - morning tedium

A dull opening, and the next few hours will likely be micro-churn around sp'1430. Bears need a break <1427 by the close to break out of the ascending channel. A move sub' 1420s would be clear confirmation that the six day up cycle is likely complete.


sp'60min

sp'daily5

Summary

Nothing to add right now, its simply painful tedium.

Things should get interesting at 12.30pm.

Story of the morning. the BDI drops 8% overnight, see Zerohedge.  , but that's a new green shoot of recovery, right?


Where are the VIX 18/19s?

Considering the 'issues' out there, it remains truly bizarre that the VIX remains in the low teens.

VIX'60min

Underlying momentum trying to turn back positive, but really, its to be ignored until after FOMC, and even then, give it a few hours to find a true direction.

I won't take ANY index decline seriously until VIX takes out the recent 17.50s high.