12pm update - minor chop into the afternoon

Equities look set to remain in a holding pattern ahead of the FOMC announcement at 2pm. From there, the big unknown is how will the market cope? Unlike last time though, there is no post Yellen press conf'. Metals have recovered slightly from earlier lows, Gold -$3


sp'daily5

Summary

So..probably two hours of very minor price chop. No doubt we'll likely get a few swings around 2pm..but how will we close the day...and month?

This mornings open was again indicative that the equity bears lack any real downside power, and I would not be surprised if talk of 'extended low interest rates' in the Fed press release will be enough to break >1884...with a daily close in the 1890s.

It remains a nasty market...

As it is, I remain heavy long, and so far today...it has been difficult. Even STX reversed to the downside...urghh.

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VIX update from Mr T.



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I should note, from 2pm onward, I'll be posting frequent intra-hour updates...on what is typical the busiest trading hour of any given month.

time for tea