12pm update - 1950... too far down

With gains building across the morning - rather than minor weak chop, US equities are looking rather strong ahead of the FOMC at 2pm. The ultimate 'best case' for the equity bears of sp'1950 now looks out of range. VIX is cooling, -6% in the upper 21s. Oil is starting to soar, +4.1%


sp'60min

VIX'daily3

Summary

Suffice to say... yes, it remains 'relatively volatile'... but now that we're almost at sp'2000... a 45/50pt downside swing looks too far.

SP'1972 is likely a cycle floor...
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VIX update from Mr T.


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time for tea...