Tuesday, 20 May 2014

Closing Brief

US indexes closed with somewhat significant declines, sp -12pts @ 1872. The two leaders - Trans/R2K, settled lower by -0.9% and -1.5% respectively. Near term outlook remains 'on the edge', with equity bulls needing to hold the sp'1860s, with R2K 1080s.



Something of a recovery rally into the close, but still..it was a day for the bears.

From a pure cyclical perspective, we were due a down wave today..but I sure didn't expect it quite this strong, with even the Dow -160pts or so at the low.

As it is..cyclically..we're now due an up wave..and in theory..it could last across tomorrow and much of Thursday.

I should note, I am thankful to hear from some of you today, it is nice to know someone is out there reading my semi-coherent ramblings.

*I hold long overnight..line in the sand is around R2K 1080.

more later..on the VIX