12pm update - minor chop

The moves remain very minor, and that is even more annoying than the rally itself. With the Fed due at 2.15pm, Mr Market will likely remain in a holding pattern. A stupid (brief) spike to the up..or downside is likely..and then we'll see the true direction that the words of the Bernanke have on this twisted and mis-priced casino.


sp'daily5

vix'daily3

Summary

You can see that the VIX is putting in higher highs..and higher lows.. but really, even the 15/16s look kinda difficult to hit.

All those seeking a retracement....

sp'60min, fibs

Yet, with the Fed later today, we could spike upward, and  then all those fib' levels will need to be pushed higher  yet again.

VIX, video..



back at 2pm
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UPDATE 1pm.   another little up cycle on the indexes, with some even going green again.

sp'5min

Bears should look to taking out the sp'1498 low from yesterday, with VIX in the mid 14s.