Tuesday, 19 January 2016

Closing Brief

US equities closed very mixed, sp +1pt @ 1881 (intra range 1901/1864). The two leaders - Trans/R2K, settled lower by -0.5% and -1.3% respectively. Near term outlook remains for a bounce into the next FOMC, best bullish case is for 1960/70s, before renewed powerful downside to the 1750/25 zone.



*closing hour action: with a floor of sp'1864 from 2.45pm, the market soared into the close.

Well, today turned out to be a hell of a lot more wild than expected.

The opening gains to >1900 were no surprise, but yet another FULL reversal was a surprise.

We now have a higher low of 1864... the hourly cycle is offering 1920/30 tomorrow... and that should equate to VIX 23/22s.

**Awaiting earnings from IBM and NFLX

more later... on the VIX