Wednesday, 17 February 2016

Closing Brief

US equities closed significantly higher for the third consecutive day, sp +31pts @ 1926 (intra high 1930). The two leaders - Trans/R2K, settled higher by 1.6% and 1.5% respectively. Near term outlook remains broadly bullish, with next resistance to the 1950/65 zone.



closing hour action: micro chop... and nothing to give the bears any hope that Thursday will not see further gains.

.. and a third day for the equity bull maniacs comes to a close.

Clearly, a fair few bears will have capitulated by now.. but not all. There are no doubt some more bears to grind out in the 1940/60 zone.

I realise some are seeking a test of the 2K threshold.. where the 200dma will soon be lurking.. along with a few other aspects - notably, the monthly 10MA, but to me.. that just seems too high.

more later... on the VIX