Thursday, 28 April 2016

Closing Brief

US equities closed on a particularly negative note, sp -19pts @ 2075 (intra high 2099). The two leaders - Trans/R2K, settled lower by -1.5% and -1.2% respectively. Near term outlook offers the 2060s, a break under the two soft lows of 2039/33 will very difficult.



*closing hour action: increasing significant weakness... breaking a new intra low of 2071 - 28pts (1.4% from the lunch time high).

Notably holding the rising trend/support from the 2033/39 lows.

Well, that was one hell of a twisted day.. and without question it remains a NASTY market.

The gap zone of sp'2065/61 looks a viable target into the weekly/monthly close. Yet.. that will be small consolation to the equity bears after recent price action.

Have a good evening.. especially to those watching 'the big short'.

*awaiting earnings from AMZN...

4.13pm.. AMZN earnings much better than the market expected... with the stock +11% in the $670s.

Ironically.. its notable that even with EPS of just over $1 for Q1..  if you x4.. then gives $4 a year, making a PE of around 150/160.

What a bargain huh?

more later... on the VIX