Volatility spikes...a little

With a late day rumour of 'QE tapering', the VIX jumped 6% into the mid 13s, but as is usual, slipped lower into the close. The VIX closed +3.7% @ 13.13. Near term trend is very much that of minor chop. Baring a move into the 15s, the moves are all 'mere noise'.


VIX'60min

VIX'daily3

Summary

The moves on the hourly chart are just so small, but I thought merited being added today.

Daily chart says it all though, the day to day VIX remains at very low levels, and until we break into the mid teens again, there is no reason why the bears should have any visions of sp<1597.

more later..on those indexes

Closing Brief

The main indexes were choppy for most of the day until a late day 'QE tapering' rumour upset the algo-bots. The headline indexes closed moderately lower by 0.1 to 0.3%, whilst the Transports saw somewhat significant falls of 1.2%. Metals and Oil both closed weak.


sp'60min

Summary

Were it not for the little 3pm rumour, today was turning out to be just another entirely boring day.

What was most bemusing today was seeing the cheer leading maniacs get edgy about an index fall of 0.3%.

*the Bernanke is speaking tomorrow at a Chicago Fed banking conference. I'm not sure if the media will pay that any attention, but someone will doubtless be listening for signs of 'tapering'.
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the usual things..across the evening.

3pm update - its all minor noise

Another day of near zero volume, minor up..minor down, none of it really matters. Primary trend remains to the upside. Baring a break <sp'1600, bears have nothing to get excited for. Precious metals and Oil starting to slip lower again, USD has doubled its gains to a significant 1%.


sp'60min

Trans'daily

Summary

Transports are the weakest index right now, and are perhaps leading the way lower into Friday.

These moves though are so small, as to be largely irrelevant.
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I remain interested in long Oil, or short silver, but not at these levels/time.

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UPDATE 3.03pm..clearly the USD strength is pressuring everything right now...and of course, we are due some kind of minor pull back.

Obvious rising support around 1620/15, and I sure don't expect a close under that.


3.17pm...watching clown channel, queen cheer leading getting concerned about the market 'struggle' this afternoon.

Can you believe it, they are getting twitchy with an index fall of 0.4%.
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3.27pm Maria 'we're WELL off the lows' lol, so predictable, but still kinda funny.

How about we close green to really annoy those bears seeking a major turn lower?

Gold still weak, -$14, with Oil -0.6$,   but there really isn't any that significant going on, other than the gains in the USD.
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3.44pm It is time for someone to post another twitter rumour yet?

What about 'Fed to increase POMO to 50bn a day, and buy PCLN' ?

Hey, don't worry, 'we're off the lows of the day'. Great news huh?