Wednesday, 3 February 2016

Closing Brief

US equities closed broadly higher, sp +9pts @ 1912 (intra low 1872). The two leaders - Trans/R2K, settled higher by 1.0% and 0.1% respectively. Near term outlook offers broad upside to the sp'1970s next Wed/Thursday, when the Yellen will appear. Sustained action >2K still looks out of range, with regular bearish price action still supporting that notion.



closing hour: a new intraday high of 1918... 2.3% above the morning low.

.. and another crazy day in the world's most twisted casino comes to a close.

Seeing a latter day rally is never a surprise in this market, but somehow.. the power of the upside usually surprises me.

Oil remains a major determinant for this market, with WTIC settling higher by around 9%.

Best guess: broad upside to the 1970s next week... but NO sustained action >2K.

Surviving the closing hour was helped by...

'... good luck.. we're all counting on you'.
more later... on the VIX