UPDATE 11:08am EST: We’re barely 90 minutes into trading and I already feel like I worked all day.
Let’s keep an eye on this channel. If you ignore all the noise – thus far the short term trend remains to the upside. And the Yen just doesn’t make it above VWAP – big seller lurking and I think that’s what we’ll see for the remainder of the day.
UPDATE 12:15pm EST: I just came back after breakfast and it seems we’re still inside that channel, although we are touching the lower boundary. Frankly, unless we breach this sucker right now I think it’s going to be whipsaw all the way into the close. My Feb puts are not liking this at all…
Yen is being spanked again today – it’s oversold but that buyer is keeping a lid on any upside progress. What’s encouraging is that the equities don’t seem to exploit this fact all too much – however, we might see some fireworks in equities (to the upside) by the close. Unless the Yen gets out of the gate of course.