Wednesday, 27 January 2016

Closing Brief

US equities closed significantly lower, sp -20pts at 1882 (intra high 1916). The two leaders - Trans/R2K, settled lower by -0.9% and -1.5% respectively. Near term outlook remains bullish into February, but clearly... the market is unsettled, as there are multiple econ/corporate concerns.



*closing hour action: a new intra low of sp'1872... with a close that doesn't offer any clear sign of a floor/turn.

Interesting day, but then it was a Fed day.

Despite a rather bland policy statement, market decided to once again sell lower.

For now, I don't see any realistic chance that the 1812 floor will fail. Cyclically, the setup does not favour the bears, as the daily/weekly cycles remain on the low side.

more later... on the VIX