12pm update - VIX telling the story

Despite some interesting early morning equity weakness, the VIX only had a minor kick to the upside of 5%. With an opening black-fail spike-top candle, the VIX is again reflecting the underlying issue that this market just doesn't have much concern about anything.


vix'60min

sp'60min

Summary

*notable weakness in Oil, -1.8%, as the US releases 5 million barrels from the strategic reserve. I guess another war must have started?
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So..a rather significant late morning bounce, but the earlier break into the 1850s has caused some minor 'technical damage' to the bigger upward trend.

But hey...if next week is going to be a key multi-week top at the FOMC, then these 'little tremors' are exactly the sort of thing we should be seeing.

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VIX update from Mr T.



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time for tea.