11am update - back to chop mode

US equities are set for a good 3 hours of minor chop ahead of the FOMC announcement (2pm EST, 6PM UK). VIX is somewhat twitchy.. despite the earlier index gains, +6% in the mid 15s. Metals are weak, Gold -$4


sp'15min

GLD, daily

Summary

*well, at least my power meter is swapped out, and I am all set for what should be an exciting afternoon.
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So... 3hrs until the official end of QE3 is announced. No doubt, the press release will detail the usual nonsense talk about 'low rates... as dependent on the data'.

There should not be any surprises, but still... considering the giant ramp across the last 11 trading days, a retrace of some significance is way overdue.
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Notable weakness: FB, -6.3%, .... TWTR is arguably falling in sympathy.. -3.5%


11.30am.. the chop continues.... 2.5hrs to go.