12pm update - positively choppy

US equities remain moderately higher, having hit an intra high of sp'1881, along with VIX cooling to 25.94. Despite a net build of 4 million barrels, Oil has swung from early declines of -2% to +3%. Equity/energy bears are looking very exhausted.


sp'60min

USO'daily2

Summary

Suffice to add... a short term floor for equities and oil seems probable.

Of course, the mid term outlook into the late spring/early summer remains utterly unchanged.

If the market can rally to sp'1970 or so.. that will merely make for a straight forward re-short in February.
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VIX update from Mr T




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time for tea