The FOMC’s meeting gets underway today. Like most, this one seems very consequential. The Street is divided on whether or not the Fed has done enough to combat inflation as well as the necessity of a recession.

continued for members…

The downside case looks a lot better after yesterday’s bloodbath. But, this morning’s recovery from overnight lows makes one wonder…

VIX was constrained by the falling white channel again this morning. A breakout would be huge… Currencies are still fairly neutral, though the yen is opening the door to dollar strength even if EURUSD is stubbornly holding on. Oil and gas showed real weakness yesterday, with a little follow through this morning that suggests that TNX SMA200 backtest is still in the works. Stay tuned…