Volatility remains exceptionally low

With the main US equity indexes seeing continued minor chop, the VIX is similarly trundling around in a rather tight trading range of 14/11. The VIX closed -0.2% @ 12.84. VIX looks set to remain under the big 20 threshold for another few months.


VIX'daily3

Summary

There is literally...nothing to add.
--

more later..on the indexes

Closing Brief

The main indexes saw mixed chop across the day, but with underlying strength still pretty clear, sp +1pt @ 1844.  The two leaders - Trans/R2K, again broke new historic highs, settling higher by 1.0% and 0.5% respectively. Upside into the FOMC remains the outlook.


sp'60min

Summary

*earnings due at the close: EBAY, NFLX, both will be interesting to watch
--

So...another day of price chop, although the two leaders - Trans/R2K, broke new historic highs.

Nothing has changed in the broader outlook, and daily MACD cycles look floored, We're due a good 3-5 days higher..possibly more if the market can cope with the next FOMC announcement.

more later...on the VIX

-

NFLX earnings...pretty good, stock snaps...+$60 to the $390s

NFLX shorts..getting nuked
-

4.24pm....EBAY....similarly snaps to the upside.. +10% in the low $60s.

I wonder how many bears were short both NFLX and EBAY ?  What a thought, urghhhh!

3pm update - chop into the close

The US market is likely to see continued minor chop into the close. Primary support in the immediate term remains sp'1815, but we seem to be holding the 1840s pretty well. Upside into the 1860/80 zone looks very probable by the next FOMC of Jan'29


sp'60min

Summary

There really isn't anything much to add.

Certainly, the bears have nothing to get hopeful about, since we broke new historic highs in the Trans/R2K earlier today.

VIX is merely in trundle mode, stuck in a tight 14/11 range. The 20s sure don't look likely for some very considerable time..perhaps even some months.

Stock of the day...UAL, +2.2% in the low $49s.
--

3.27pm...Underlying strength..clearly there.  

Earnings at the close ... EBAY, NFLX... the latter of which will probably snap sharply....

Downside to 300/280...or upside to 360/380...it is a damn tricky one to guess. Good for entertainment purposes though...

back at the close...on what has been a somewhat tiresome day.