12pm update - climbing ahead of the hole

US equities are generally holding moderate gains, with the sp'500 breaking a new historic high of 1992. Significant early weakness in the R2K has been largely reversed, and looks set to close flat/slightly higher. Metals remain weak, Gold -$14


R2K, daily

GLD, daily

Summary

So...the inexorable climb continues, and there is little doubt that this mornings QE fuel (if only 1.5/2.0bn) is helping.

The early twitchy price action in the VIX remains an anomaly.. I've not seen anyone else mention it yet.
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*no idea if the guys at optionmonster will be doing any more VIX updates
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time for lunch

11am update - messy morning

US equities have seen some real messy action so far. A fractional new high of sp'1992, but the R2K had fallen -1.0%.... but now bouncing back to -0.3%. VIX has seen some bizarre opening price moves. Metals remain weak, Gold -$12.


sp'60min

vix'60min

Summary

*lower gap zone in the 13s.. filled in the VIX.   The 15s would be an obvious target in the next equity down wave.
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So..what to make of this?

Overall... yes, there are some signs of weakness - via the two leaders (Trans/R2K).. but the overall market still broadly on the rise.

The fact the VIX is again back to red should not excite the bears about tomorrow.

10am update - still pushing upward

US equities open a little higher, and a new historic high in the sp'500 looks likely in this hour. There is moderate weakness in the two leaders - Trans/R2K, and that is offering an early warning about post Jackson Hole weakness.


sp'60min

R2K, daily

Summary

*Metals remain very weak, Gold -$14
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As even the maniacs on clown finance TV recognise, today the market will largely be in a holding pattern until tomorrow....where we have Yellen at the hole.

On any basis, it seems completely point to attempt any index shorts.. not least since we also have sig' QE this morning.
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VIX is acting twitchy...a strong reversal across just a few minutes..from -2% to +11%.....

10.01am... something crazy is going on VIX land.......

5min

Eyes on that VIX !


10.03am.. and the VIX collapses... back to 11s.... Crazyyyyyyyyyyyyyyyy.


10.11am... So.. a fractional new historic high in the sp'.. but the action in the VIX sure is makes for some curious action.

R2K...borderline sig' declines... -0.9%... in imminent danger of losing the 200 day MA.


10.27am... VIX turns red... indexes pushing higher... even the R2K looks to be flooring.

So... rest of the day...upward melt....ahead of Yellen.