12pm update - moderate gains

US equities remain moderately higher, with a likely days high of sp'1990.. along with VIX 21.19. A minor down cycle into the afternoon looks probable. Meanwhile.. Oil has seen rather powerful gains.. along with the metals, as the USD is cooling ahead of the FOMC.


sp'60min

Summary

So... we've taken out 1988.. now just 1993.. but that seems more probable tomorrow afternoon.
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*I EXITED USO-long from $15.40.. a nice 21% gain.. although it took a full week.. a few days longer than expected.

I would consider another USO long from the $15.10/00s this afternoon. Broadly, the 16s remain an initial target... 17s are viable by middle of next week.

If the latter is correct.. it'd suggest equities will hold together at least into next Tue/Wed.
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VIX update from Mr T.



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time for tea... on what is a rather good day in the London bunker.