Just another normal day in the markets, where we got a not so good GDP (due to revisions) and a miss in Chicago PMI, and a massive ramp in the S&P Futures (ES) to top it all off ahead of the FOMC. ES ramped 7 handles on no news, to touch a session high at 1692.75, after making a low of 1681.50 after the GDP release. The reason for the ramp is unknown. Currently ES is up 5.8 handles at 1690.50 with light volume of 635k minis. Bonds and gold seem to be reading a different book than equities.
VIX is the story of the day, because it is still green despite the rally in SPX. Usually when you see the VIX rise with a rising SPX, it means that the SPX is likely to head lower. We will see if this pans out after the FOMC at 2pm. Currently we have VIX up 1.05% at 13.53, with a session low of 13.36. Decent action in the front month contracts.
USDJPY 98.2740 EURUSD 1.3274