Tuesday 24 February 2015

Daily Wrap

US equities closed moderately lower, sp -0.7pts @ 2109. The two leaders - Trans/R2K, settled +0.1% and u/c respectively. Near term outlook offers a 5-7 day down cycle to the sp'2060/40 zone, which might (briefly) equate to VIX 19/20s.


sp'daily5


VIX'daily3


Summary

Frankly... little to add, on what was another pretty tedious day.

Price action does offer the equity bears some hope that 2110 was a short term high... with a 2-3% down wave into next week.
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Closing update from Riley


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Looking ahead

Tuesday will see Case Schiller HPI, Richmond Fed, and consumer conf'.

*Yellen will be speaking to the US Senate, which might take until 1pm to complete. Any talk of interest rate rises by the summer will give the market the excuse to sell lower.
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Goodnight from London