Closing Brief

The main indexes closed somewhat mixed, with the sp +1pt @ 1659. The two leaders - Trans/R2K, closed +0.2% and 0.35% respectively. Near term trend remains weak, and the other indexes look set to follow the Dow, with a hit/break under their respective 200 day MAs.


sp'60min

Summary

*another weak closing hour, a good example of 'selling into the minor bounces'.
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So.. with two trading days left of the week...bears have already achieved a great deal, not least with the Dow. A weekly VIX close in the 20s would really confirm the building tension/concern out there.

The question still stands...'how much do the markets need to fall to motivate Obama/Boehner to reach an agreement?'

What does seem clear...no agreement is going to happen this week..in which case..we fall into the weekend.
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more later...on the VIX