12pm update - chop chop

Equities remain in micro chop mode... awaiting the next headline from the ECB/Greece. Metals remain sharply lower, Gold -$22, with Silver -5.6%. Oil is similarly on the slide, -1.4%.. but as usual.. seeing some strong intraday moves. VIX is holding moderate gains of 8% in the 15.80s.


VIX'60min

SLV, daily

Summary

*Silver seeing a rather severe decline.. but.. as expected.. set to break new multi-year lows within the near term.
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So.. market looks set for churn for the rest of day... barring a sporadic news headline about Greece.

From a pure cyclical perspective, market is due a down wave.... although a break <2k looks extremely difficult.

Perhaps sp'2050s, with VIX 19/20s... .briefly.

I say briefly, since regardless of Greece, we've not forgotten the ECB QE-pomo train appears next month, have we?

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VIX update from Mr T.


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time for tea... back at 2pm


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1.20pm... and there are the sp'2100s.... sure took longer than expected... but there they are.