US equities open moderately higher into the mid sp'1860s, and the only issue now is whether 1870s are hit today..or tomorrow. Bears still lack any downside power, and if Yellen can talk up the market tomorrow...to new highs >1883, then bears are going to need to wait some more.
*Metals are lower, but Gold is holding within a broader up trend. Most important..a golden cross is due at the end of this week. No doubt, many others will highlight this bullish aspect at that time.
It is kinda quiet out there, and in many ways, I'd look for minor price chop all the way into Wednesday afternoon.
Best guess...market goes no higher than 1875 tomorrow.. before rolling lower again.
10.01am.. Well, we're coming up to the my pretty yellow box of sp'1865/75.
Yet..I think it is overly risky to short ahead of the FOMC announcement.
I ain't doing anything. Lets see the market chop now.
10.22am.. VIX getting crushed again..-7%, which even I'm somewhat surprised at. The 13s look due, whether today or tomorrow..doesn't much matter.
Notable strength, DRYS +3.5%, but its still 10% down on just over a week ago.
10.33am.. If we go much above 1875..then my primary outlook will be on the edge of getting trashed.