11am update - choppy morning

Some choppy price action, but the short term upside pressure is clearly there. Natural upside to the sp'1810/15 zone remains best case for the bulls within the next few days. Metals have turned lower, Gold -$4, whilst Oil holds sig' gains of 1.6%. VIX is on the slide, -7%


sp'60min

vix'60min

Summary

Perhaps most notable...the drop in the VIX...seemingly headed for 15/14.50...a very natural level.

Yeah..the market seems to be acting 'naturally'...after many..many months of nonsense.
-

*The sig' QE today..is no doubt helping.

AAPL is so far holding the big $500 floor, but looks likely to still close at least -2/3%
-

11.25am..the chop continues..no doubt some are launching new index shorts  here..but that seems overly early.

Default view is to wait until AFTER the FOMC of Wed' 2pm.  Lets see if Mr Market can battle to 1810/15 at that time.  Between now and then...chop..with underlying upside.

VIX remains weak, -7.5%

Notable weakness: STX -10.5%.  Viable downside of another 10%..which would sync up well with the low sp'1700s by mid February.