Thursday, 27 August 2015

Closing Brief

US equities saw some distinct weakness in the late afternoon, but still closed significantly higher for the second consecutive day, sp +47pts @ 1987 (intra high 1989). The two leaders - Trans/R2K, settled higher by 2.4% and 1.8% respectively. Near term outlook offers further cooling to the 1940s.. before resuming upward >2000.



*closing hour.... another crazy wild swing from a low of 1948 to the 1980s, again indicative that this market remains very volatile.

... and another crazy day come to a close. Is it the weekend yet?

I had been looking for a morning peak somewhere in the sp'1960/80 zone.. the extra few hours of upside was surprising even to me.

Clearly, we're due a retrace of at least part of the 122pt ramp from 1867... and despite the closing hour ramp, the market looks very vulnerable early tomorrow/Monday.

*I am on the sidelines overnight... seeking to pick up another AAPL-long from the $109s.

more later... on the VIX