12pm update - continuing chop

US equities remain in chop mode (day'4) but with rather clear underlying upward pressure. Equity bears simply are unable to muster any sustained/significant downward pressure, the sp'2040s remain due. If Draghi can 'inspire' the EU markets via increased QE threats tomorrow... a break above the 200dma will occur.


sp'daily5

USO'daily2

Summary

*price structure on Oil is a real mess, having tried twice now to break/hold the $50 threshold. Cyclically, it is due another up cycle in the immediate term
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As for the equity market, it should be clear, the underlying pressure is UP.  If the market can cope with the ECB/FOMC... the 200dma will not hold as resistance.

For now.. there seems zero reason to attempt any market shorts.

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notable severe downside in Valeant...

daily

It is notable that today has seen a death cross in VRX. I'd imagine some of those writing naked Puts will have lost everything today.
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VIX update from Mr T.



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back at 1pm