12pm update - micro up cycle due

The market is continuing to see very minor chop. Sp'1654 is likely to hold for the next few days, and the market looks set to use the FOMC/Bernanke as an excuse to wash out a few of the hyper-bulls. Oil is holding significant gains, and is on the edge of breaking $106


sp'15min

Summary

Market is very much in a holding pattern, ahead of the FOMC minutes release at 2pm.

Being a QE day, I'm naturally very cautious, and for the moment, I'm inclined to sit this nonsense out for another day or two.

Certainly, the 15min cycle looks a lousy level to short from.


VIX update from Mr T.




time for lunch