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.
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....
Yet, with the Fed later today, we could spike upward, and then all those fib' levels will need to be pushed higher yet again.
back at 2pm
UPDATE 1pm. another little up cycle on the indexes, with some even going green again.
Bears should look to taking out the sp'1498 low from yesterday, with VIX in the mid 14s.