US indexes closed higher for a second day, sp +13pts @ 1872. The two leaders - Trans/R2K, settled higher by 0.5% and 1.4% respectively. Near term outlook is very marginal, bulls merely need a break >1883 to completely invalidate all hopes of near term downside, whilst bears need to break <1834.
So, a break into the low 1870s..which is precisely what I was looking for last Friday. Now..the bears just have to hold the line, and stop any FOMC spike breaking into the 1880s..and new highs.
Considering last weeks close...I'm holding to the original outlook, and will strongly consider a major short of the US indexes, almost immediately after the FOMC announcement tomorrow at 2pm.
One thing is for sure, tomorrow will not be boring, and will probably offer clarity on where we will be headed for the rest of the month, and indeed across much of the early spring.
Regardless of which side you take....we have a dynamic Wednesday ahead!
Have a good evening.
more later..on the crushed VIX.
Oracle (ORCL)...missed expectations..stock knocked lower by around 3%
It seems someone leaked the numbers a few minutes before the close.