VIX cools a little

Whilst equities closed moderately higher, the VIX was naturally back in cooling mode, settling -1.4% @ 19.34. Near term outlook offers increasing equity price chop ahead of the FOMC. Sustained VIX action above the 20 threshold remains difficult, with the 12/11s probable before year end.


VIX'60min

VIX'daily3

Summary

*it is notable that there are an increasing number of 'rogue' VIX price prints.. on the low end.
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Little to add.

VIX is battling to hold the key 20 threshold... as the FOMC looms next week. Once that is out of the way, the VIX will VERY likely cool into year end.

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more later.... on the indexes

Closing Brief

US equities closed moderately higher, sp +4pts at 2052 (intra low 2045). The two leaders - Trans/R2K, settled higher by 0.6% and 0.3% respectively. Near term outlook is for increasing price chop ahead of the Dec'16th FOMC. From there, first target remains 2115/20, and then the 2150s.. before year end.


sp'60min

Summary

*closing hour action: with a spike high of sp'2067 in the 2pm hour... there was distinct weakness into the close, as Oil broke new lows.
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A somewhat interesting.. if tedious day.

The good.. we're a day closer to the FOMC.
The bad... price action is likely to be increasingly choppy.
The ugly... Oil... with a new multi-year low of $36.38... and that sure won't be a key floor.


What should be clear by now though... a big move is coming after the FOMC.

Best guess remains:  pushing upward into year end.. with new historic highs viable in the Dow, sp', and Nasdaq

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more later... on the VIX

3pm update - net daily gains

After a few hours of price chop, US equities have resumed upward and are set for borderline significant net daily gains within the sp'2065/70 zone. A weekly close >2075 looks overly difficult.. as there remains anxiety ahead of next weeks FOMC, along with continuing weakness in Oil, -1.1% in the $36s.


sp'60min

USO'daily2

Summary

*the hourly upper bollinger will be around sp'2075 in the closing hour/early Friday, and that should restrain the bulls into the weekend.
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An Interesting.. if somewhat tedious day (if that makes any sense).

I'd rather just jump ahead to next Wednesday afternoon... lets get this damn int' rate rise out of the way!
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notable strength... energy

CHK +3.4%
CNX +12%
RIG/SDRL +1.5%
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back at the close