10am update - opening weakness

US equities open moderately lower, but there still seems no realistic chance of sustained downside until after the FOMC. VIX remains subdued, +1% in the 17.20s. Metals are choppy, but leaning on the downside, Gold -$3. Oil is not helping the market mood, -1.9% in the $37s.


sp'60min

GLD, daily2

Summary

*amusing to see the Cramer get rather rattled at how negative Morgan Stanley are. Any talk of recession is already starting to upset the mainstream.
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So... we're a little lower, but until the FOMC is out of the way, it still seems a case of the market quietly churning.

Indeed, there still seems serious threat of an initial spike higher on tomorrow's press release at 2pm. before what could be a major reversal.

I'll hope for a daily close in the sp'2015/10 zone today... which keeps within range the 2038/43 gap zone tomorrow.

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notable weakness... FCX, daily

Much like SDRL, RIG.. and many other pieces of corporate junk, FCX is stuck around the 200dma, and still looks set to disappear. Oh how 'surprised' they will be.