10am update - opening gains

US equities open a little higher into the sp'1980s, as the FOMC begin their two day meeting. VIX has seen its Sept' opex.. with the VIX opening at 22.57.. but already cooling to the 21s. There is continued weakness in the VIX instruments, with TVIX -7%... on top of the -19% Tue' decline... pure horror.


sp'60min

TVIX, daily

Summary

*most Oct' VIX calls are lower by around -15%... and I've eyes on them.. but there is NO hurry until sp'2000s
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So... opening gains, but I'm not looking for much today in equities.. we are increasingly likely to enter a holding pattern ahead of the Fed.

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notable strength... Oil

USO'60min

A clear break...  with the EIA oil report at 10.30am.... the 16.00s look viable by late tomorrow. I'm not sure if I want to hold until then.
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notable weakness, DIS -0.4% in the $102.90s...  again.. its struggling.
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10.31am Oil inventories, -2.1 million... broadly inline with the API.

Oil cools a little, but still.. it has achieved a break 
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time for an early lunch... back soon