Wednesday, 2 April 2014

Closing Brief

US indexes closed with some noticeable strength, sp +5pts @ 1890, having broken a new historic high of 1893.17. The two leaders - Trans/R2K, settled +0.7% and +0.3% respectively. Near term outlook is for a minor retrace, before pushing higher across much of April.



*a somewhat strong closing hour - despite a weak 1pm hour.

So, the sp'1900s are now within easy range, and those recent hopes (a mere 4 days ago) of the 1800/1790 zone, look a long way down.

I remain on the sidelines, but am open to going long the indexes, but if the market keeps rising, finding an acceptable entry will be overly difficult, not least for a permabear!

At worse, I'll just sit the next month or so out. What I won't do is attempt to short this nonsense, not least with the weekly/monthly charts now offering the sp'1960/70s in May.

more later..on the VIX