Thursday, 31 May 2012

Closing Brief - last hour 'kick the bear'

An ugly closing hour for the bears. Sure, the sp'500 still closed down moderately, but we were 1298 earlier. The bears can feel justifiably upset at how today ended. With the VIX closing red, this is not the best of days for those short, yet I guess it could have been worse.

Lets look at how those hourly cycles closed...





I'm guessing those nasty algo-bots did a stop-sweep in the last hour...kick as many bears out as possible, before allowing the market to drop quickly back into the closing bell.

The daily cycles certainly still bearish though..but today is yet another reminder of just how annoying this market can be for those who try to short it.

..and thus...May trading comes to an end.    More later...