1pm update - chop ahead of the Fed

Market has naturally slipped into minor chop mode ahead of the Fed beige book at 2pm. Most notable today are the strong gains in WTIC Oil, +2.1%. Those equity bears still clinging to vain hopes of <sp'1800, need to simply...go away.


sp'60min

Summary

Little to add.

Lets see how the market reacts to the Fed book of lies and delusion at 2pm.

Considering the huge amount of QE money sloshing around out there today, and the break into the 1850s..there is little reason why we won't see a further small up wave into the close.
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12pm update - another set of new highs

Most of the US indexes have broken new highs, with sp'1850s..and a weekly close is very viable in the 1860s. VIX remains crushed...and looks set to remain low until the FOMC of Jan'29. Oil has built sizable gains of 2.0%, a key weekly turn might be taking place.


sp'60min

USO, weekly

Summary

What to say? New index highs..just another day in market land..and no doubt..the heavy amount of QE is helping negate what little sell side/profit taking there is.

Daily, weekly, monthly charts ALL offering the 1860s in the immediate term.

By mid February, monthly max upside will be around 1910/20. Great huh?
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*doesn't look like any lunch time VIX update from optionmonster. I think even they have realised there is not much to say on a VIX that is stuck between 13/11.
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Notable weakness: UAL, -2.5% (probably just cooling down from the recent gains). RIG, -1.4%, I've no idea on what is up with that. Any break <$47, and then 44/43.

11am update - new highs for the two leaders

The two leading market indexes - Trans/R2K, have both marginally broke new historic highs this morning - which considering the Monday drop, is very impressive. Metals remain weak, Gold -$3, whilst Oil continues to build gains +1.5%


Trans, daily

R2K

Summary

*I will cover Oil more later..it is possibly flooring on the bigger weekly cycle.
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Without getting lost in the minor waves, we could easily see some chop into the afternoon..ahead of the Fed Beige book.

Notable mover: DRYS, +4.6%... is the BDI rebounding today as well?


Weakness in NFLX...

Looks headed for the 300/280 zone..where the 200 day MA is lurking.


11.08am...and there are the 1850s..ladies and gentleman....along with VIX in the 11s.

I guess some of that $5bn of QE is starting to kick in.