Closing Brief - a reasonable week for the bears

I say 'reasonable', since it really wasn't that major a down week, around 3% for the sp' - of which most of that was today. So...a bearish week, but those bears getting excited need to keep things in perspective.

Lets look at how those hourly cycles closed...


IWM

Dow

SP

Summary

The usual intra-day bounce that the market usually provides after an initial gap down failed to occur. Instead, we saw a rare 'gap and go' day. 

The VIX remains the mystery of the day though, it opened weak, went briefly red, and even though it closed +10%, that still is less than half of what I would have expected considering the index declines.

More on the VIX..later.