10am update - holding together relatively well

Considering what was a borderline recessionary GDP print, the US markets are holding together relatively well. How we close today..and the month is currently very difficult to call, not least with the FOMC announcement. We know that QE taper'4 is likely, but how will the market interpret it?


sp'60min

Summary

*Chicago PMI: 63,  vs 56.9 expected, this will certainly help to placate the market.
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Suffice to say, it is going to take some time for many to fully digest this mornings GDP data.
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STX is doing okay, after reasonable earnings

I am seeking a break above what I believe is a bull flag, first target upside is 56/57..which is possible by the Friday close.
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time to shop...back soon!


10.23am..back...    opening candle on the VIX is a black-fail...does not bode well for equity bears.

Sure is choppy, should quiet down into the early afternoon, ahead of the Fed.


10.30am...no downside power..same old problem...indexes all set to turn positive.

First upside target for the bulls remains a break of the recent 1884 high. If broken, then 1895/1900 by late today.