Wednesday, 29 January 2014

1pm update - chop ahead of the FOMC

The market is remaining in a standard holding pattern, ahead of the FOMC announcement at 2pm. Metals are moderately higher, but look especially vulnerable this afternoon. VIX is holding gains of around 10% in the mid 17s, but a daily close in the 15s is very viable.



..nothing to add, other than likely C wave upside..baring a break <1774.

*just noticed a VIX update from optionmonster..the first in a few weeks...

Bizarrely..its like a flashback to 2005, with screen res' of 240x, urgh

One hour to go...

*again, for the record, my guess... Taper'2 of $10bn, to a mere $65bn a month. Hey, thats only $780bn annual rate..still greater than the 2008 emergency 'stop the end of the world' TARP program, lol

More than anything, look for the metals to get smacked lower, whilst equities might jump..and make a vain play for the low sp'1800s.

As ever'll probably take until 2.30pm to discern a clear direction.

1.16pm continued the 1780s.

Bears must be mindful...unless <1774...real risk of a jump into the low 1800s by the close..regardless of taper..or not. 

1.32pm Notable strength in Natural Gas.. DGAZ gas prices must be around 4.5% higher today.