Thursday, 19 May 2016

Closing Brief

US equities closed moderately lower, sp -7pts @ 2040 (intra low 2025). The two leaders - Trans/R2K, settled lower by -0.6% and -0.8% respectively. Near term outlook offers further downside to at least the 2000/1990s. A H/S formation (with the neckline now broken) is suggestive of more dynamic action to the 1970/60s.



*closing hour action: choppy, but leaning higher, as (understandably) some equity bears are cautious about the Friday opex.

... and another day at the twisted casino comes to a close.

Clearly... the market is trying to price in a June rate hike.. not that I believe we'll get one anyway.

Further downside to the giant psy' level of 2K looks highly probable. However, the price structure is pretty clean, and the H/S offers the 1970/60s... before end month.

more later... on the VIX