1pm update - churning around 2000

US equities are increasingly seeing micro chop, with the sp'500 around 2K, and Dow 17K. Clearly, we're arguably no more than 1-2% from what should complete a rather natural bounce from the Feb'11th low of sp'1810. VIX remains naturally subdued, stuck in the 16s.


sp'daily5

VIX'daily3

Summary

Little to add.

8 trading days until the FOMC.. at which point we should have maxed out.
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notable strength: SDRL, daily

The junk continues to soar, after all, everything is fixed now, yes?

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back at 2pm