3pm update - chop into the close

US equities are holding slight gains, with a daily close now likely within the sp'2050s. VIX is in melt mode, -4% in the 16.25/15.75 zone. Metals remain weak, Gold -$11, with Silver -1.9%. Oil has failed to hold moderate gains, now -0.4%


sp'60min

VIX'daily3

Summary

*there is chatter that the US markets will be impacted by heavy overnight snowfall. Sure. trading will likely be lighter.. but surely the market will be open across tomorrow?
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..barring any sporadic news...... back at the close.

2pm update - normal service continues

US equities are seeing increasing strength, with a daily close in the sp'2060s now very viable. A break into the 2070s looks viable if Mr Market is placated by the FOMC this Wed' afternoon - which seems likely. Metals remain weak, Gold -$14


sp'60min

Summary

*there remains a real stinky mood out there today... I can't be the only one noticing it. Big 'event' coming.. hmm?
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Little to add.

What is notable... all those touting doom last night.. they are all on radio silent mode right now. No doubt, they'll reappear in the low sp'2100s... the wretches.. or should that be roaches?
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Notable weakness: STX -8% in the $58s

 ... but still... little wrong with Seagate, one of my favourite techs for the mid term.
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*Ohh yeah... Russia debt got downgraded to 'junk' by Sp'.  Considering the state of their equity market.. and energy prices... not surprising. 

12pm update - somewhat tedious chop

US equities are back to chop mode, although this remains a strong performance considering the sporadic headlines from Greece. Metals remain in cooling mode, Gold -$14, with Silver -1.9%. With equities in chop mode, the VIX is naturally in melt mode, -2% in the mid 16s.


sp'60min

GLD, daily

Summary

*I'll have more to say on the metals later, but suffice to say.. a key multi-year floor does not look in yet.
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Rest of the day... choppy.. but with underlying upside.. ahead of the Tue/Wed FOMC meeting.
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VIX update from Mr T


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time for tea... back at 2pm