10am update - crazy VIX opex

The Wed' opening print for VIX opex was -6% in the 14.60s... but with an even crazier spike low of 13.69. That likely marks a key turn/floor. Meanwhile.. equities remain moderately weak... the 50dma of sp'2060 will likely hold until after the FOMC announcement. Oil remains (not surprisingly) very weak, -2.0%


VIX'60min

sp'60min

Summary

*to be clear... I don't expect sustained action in the sp'2050s this morning.. or indeed until late afternoon.
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We have a VERY long.. and busy day ahead! I hope most of you out there have popcorn on standby

Notable weakness: ADBE -5.5%, post earnings depression..  subscription numbers missed.
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Eyes to the EIA oil report.. due 10.30am...


10.31am.. 9.6million surplus... that is ugly ugly ugly number!

After initial crazy action... Oil is resuming lower  -2.1%

We're now averaging 7-9 million barrels weekly surplus so far this year.... at this rate... storage will be maxed out within a month or two.

WTIC Oil is set to lose $40.... target 35/30......... no doubt. .talk of the 20s will start to re-appear in the mainstream.