12pm update - holding pattern

US equities have naturally slipped into a holding pattern ahead of the FOMC announcement (due 2pm). Most indexes look set to resume higher after the latest Fedspeak. USD remains broadly weak, -1.2% in the DXY 94.80s. Metals are a touch weak, Gold -$3. Oil is building sig' gains of 3.0%.


sp'60min

USO, 60min

Summary

*I exited USO-long an hour ago... very content with the exit. Will consider going long on any sig' pull back.
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Little to add.

Market looks set to trundle sideways into 2pm.

Regardless of any initial down wave... I'd still expect market to claw somewhat higher into the close.

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notable weakness: -4.9% @ $40.20.... the CEOs appearence on clown finance TV has not exactly inspired the momo chasers to hit the buy button.

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VIX update from Mr T. 



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time to cook