So far today it has been a classic case of periodic algo-bot induced short-stop cascades... washing the sp'500 into the 2090s. The 2105/10 zone looks viable on an FOMC spike.. before reversing lower. USD is holding moderate gains of 0.3% in the DXY 95.10s.
*despite now being red, the VIX is holding up relatively well.
Little to add.
Further chop across the afternoon looks due.. with a daily close somewhere in the 2090/2100 zone.
notable weakness: airlines, DAL -1%, UAL -2%
*if Greece do default across this weekend, the weekly cycle would be offering the 2000/1975 zone... which is some 5% lower. Not exactly anything to get overly excited about, but it would merit a post FOMC short trade into early next week.
Certainly, the pressure is rising!
VIX update from the Godfather
time for tea :)