11am update - market stuck

Market appears stuck around sp'1680. What will be interesting is how the market reacts in the late afternoon, not least with the release of the latest Fed beige book. VIX is weak, and looks set to close in the 13s. Gold has swung back to the downside, now -$11


sp'daily5

Summary

Relatively...dull so far today.

From the daily chart, you can clearly see the MACD (blue bar histogram) cycle rolling over, but we are still in deeply positive territory on the cycle

Bears still look powerless.

--
Bernanke 'I'm not a qualified financial advisor'.

Yeah...we figured that much Ben.