12pm update - quiet ahead of the fed

Mr Market is seeing minor chop ahead of the 2pm Fed press release. No doubt the algo bots will look to that as an excuse to break out of the current narrow range. Hourly cycles..are prone to upside, with a daily close in the sp'1850s...easily viable.


sp'60min

Summary

There really isn't anything to add from this morning....so I won't.
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VIX update from Mr T. (due).


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time for lunch 
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12.29pm.. clown finance TV...Fed official Williams...hmm

A small down cycle in equities, but we're still around 10pts above the first wave high of 1826.

VIX +9%..kinda interesting, but we're only in the low 15s.