11am update - daily charts rolling over

Its Fed day, so everything is somewhat uncertain until the close, but at the moment, the market appears to be rolling over on the daily charts. VIX daily cycle is similarly ticking back upward. Precious metals and Oil are seeing some very significant declines.


sp'daily5

vix'daily3

Summary

Lots to update...on what will be an especially busy afternoon. FOMC @ 2pm  - but NO Bernanke press conf.


Oil confirming a big turn lower...

If the market does break lower across May, target is 28/27
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11.23am... I really think it can't be over-stated..bears need VIX daily close >14.50. Its not demanding much, but we've spent over a week stuck in the mid 13s.

Its time to see some VIX power.

*Copper... $3.07.   A break of 3...opens up a collapse to $2..which has rather exciting implications for gold/silver..and oil..and even equities.