Closing Brief

US equities closed moderately mixed, sp +1pt @ 1923 (intra low 1901). The two leaders - Trans/R2K, settled lower by -0.5% and -0.4% respectively. There is high probability that the market has put in a short term floor, with viable upside into the next FOMC of Wed' Jan'27th. The 1990s remain best case for the equity bulls.


sp'60min

Summary

*closing hour action: a test of the low @ 1905, but spiking to 1930...  settling above the key 10MA
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Well, the closing hour offers very strong support that we've a short term floor from 1901.. with VIX 27s.

Now its a case of giving the market some days to battle to the 1970s.

*I'll have to give extra focus to the daily MACD cycles.. which could fail to break back above the zero threshold next week.

**to those who went long.... enjoy the ride. I'm content to just watch and wait for the next short opportunity.


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Another flashback to the 1980s...



How many times have I listened to this whilst going on the London underground transit system? A great many indeed.

... and yes, Labyrinth is a fave' movie of mine.

This market....   has no power over me.
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more later.... on the VIX