12pm update - if the Fed fails to inspire

Whilst equities are still holding up, there are some pretty strong little tremors out there. The precious metals, Oil, and many food commodities are getting smashed lower by 3-5%. If the Fed fails to inspire the market with the 2pm press release, equities look set to follow.


sp'60min

vix'60min

Summary

The main equity market is still only a touch lower, and even though the VIX is higher, its still in the 14s, which is frankly just crazy low.

I'm sticking with the 'broken wedge' theory. Obviously, the short-stop for new positions remains 1597. If the market snaps into the low 1600s on 'further QE talk', then it' would make for a deeply disappointing day.

I can only hope the algo-bots get 'annoyed' by the Fed speak.

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*I remain heavy short the Sp'500 , via SPY, and also Oil.. via USO.

I don't intend to exit until late Friday. Right now, best case seems sp'1550s, VIX 17, and USO in the low 31s.
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VIX update....from Mr T



so..they are buying more front month calls


12.20pm... Have you noticed the Trans/R2K, both getting whacked...whilst headline indexes holding together?

The two market leaders...are probably still leading.

Annoyingly...things still look dependent upon the Fed.