Futures have rallied off their overnight lows as markets digest the very messy implications of the Credit Suisse situation.

continued for members…

As troubling as the CS situation is, we have a Fed meeting starting tomorrow. It would be highly unusual for stocks to fall apart now.

Yet, VIX is back above its SMA200 again. All things considered, SPX should get another shot at its SMA200. But, as long as VIX remains above its SMA200, the risk of a selloff in the next couple of days remains elevated. Not surprisingly, the euro is getting a little extra help this morning, pressuring the DXY…

…and boosting the dollar alternatives.