3pm update - chop into the close

US equities remain very choppy, with the market set for a daily close in the sp'1985/2000 zone. VIX remains relatively quiet, +6% in the upper 21s. Metals are weak, Gold +$4, whilst Silver is -2.4%. Oil remains very unstable, +0.9%.. some 2% below the earlier high.


sp'60min

GLD, daily

Summary

Well, its been one hell of a day... and tomorrow looks likely to be almost as exciting.. with the FOMC.
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What should be absolutely clear... once the Fed is out of the way.. the market has a clear run into January.
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Notable weakness: retail, AMZN -3.2%, HD -2.2%

2pm update - it remains volatile

US equities have seen a significant pull back from the earlier high of sp'2016.. to 1987. Renewed strength into the close still seems viable. Metals are increasingly struggling, Gold +$4 (earlier +25). Oil has lost almost all of the gains, +0.6%


sp'15min

GLD, daily

Summary

Well.. no one can call this market boring!

We've seen a stronger than expected down wave of around -1.2%.. even briefly under 1990.

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Regardless of the close... the Yellen is on her way.

Notable weakness: airlines.. DAL -3.5%... UAL -2.0%... no doubt due to oil gains.

1pm update - baby bull flag

US equities have cooled a little from the earlier high of sp'2016. Price structure is offering a baby bull flag, with renewed upside after the typical turn time of 2.30pm. Metals are battling to hold minor gains, Gold +$7, but vulnerable to closing red.


sp'15min

Summary

Choppy action into the early afternoon.

Seeking market to level out in the 2000/1995 zone by 2.30pm.. and then up into the close.
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Notable weakness, AMZN -2.1%....

Strength: oil/gas drillers, SDRL/RIG +5% or so.     If oil is set for a major multi-month bounce..to the low $70s.. then drillers are going to soar into early spring.


1.16pm.. Hmm... the latest micro down wave is a little more strong than expected.

Regardless... the Yellen is coming tomorrow afternoon.... bears beware.


1.35pm... sure is one hell of a volatile market. As ever.. for the big money... trading stops are a must.

Notable weakness, Alcoa (AA) -2.1%.. although I'm broadly bullish on that one... for next yr.