12pm update - still lacking downside power

US indexes see a rather typical turn around 11am, and the main indexes are now only fractionally lower. VIX has cooled down, and was earlier sporting a black-fail candle on the daily chart, most certainly favouring the equity bulls this week. Precious metals are trying to build gains, Gold +$3


sp'60min

VIX'daily3

Summary

*note the tight bol' bands on the VIX daily. By middle of next week, VIX will be set to make a break higher, whether that is >22...remains the big question.
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There just isn't any real downside power on the bearish side, but then..that really shouldn't come as a surprise to anyone.

The fact we have sig QE-pomo this morning sure isn't going to help those seeking equity downside.

Miners remain very weak.. BTU -3.5%
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VIX update from Mr T.


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