12pm update - the Yellen continues

Fed chair continues to babble on, with the US equity market holding minor gains. The market remains due a down cycle, having climbed from the double floor of sp'2044 to 2114, with VIX cooling from 20.05 to 12.81. A moderate wave lower to sp'2080 with VIX 15/16s, still looks probable.


sp'60min

VIX'60min

Summary

Pretty quiet morning overall

There is clearly the threat of another minor lunge higher to the gap zone of 2117/19... but regardless of that.. I'm still reasonably confident a retrace is due.

*holding short the market, via VIX-long.

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VIX update from Mr T.



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time for lunch