12pm update - rejection from first soft target

The sp'500 has seen a clear failure to break/hold first soft target of the 2080 threshold. Oil has similarly cooled from earlier gains, currently -1.4%. Regardless...the underlying upward pressure is still there. The only thing that could critically wreck Christmas is Yellen, and her economic cohort at the Fed.


sp'60min

VIX'5min

Summary

*I highlight the VIX for two reasons...  First.. note the opening black-fail candle. Second, note the flash-print of 15.72 around 10.30am. The VIX computer is a little 'twitchy' this morning.
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So... a swing from 2056 to 2080... and back to 2055.

Clearly.. market is coiling up for something big.

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VIX update from Mr T.   due

*no-show*

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time for tea :)


12.24pm... Any action <2047... would be a real problem

stay tuned


12.28pm..sp' sitting on rising support at 2048.. a very sig' swing of 32pts (1.6%) from the morning peak.

Oil is -1.1%...  having swung from gains of around 3%.

notable weakness: AAPL -2.1%


12.30pm... and support fails to hold.    Next up..2042.  

VIX +9% @ 19.20. A break into the 20s would be a real surprise.


12.39pm... Its starting to turn into a train wreck.... 38pt swing in 2hrs... to 2042.. testing the recent low.

VIX... 19.69.  


12.41pm.. and there go the sp'2042 stops... with VIX 19.87

Next level 2019.