Closing brief

Moderate declines in the closing hour, but it remains very minor. It still looks we have bull flags setting up on most indexes, and those bodes well for one further up move to around 1445, that could occur as early as tomorrow.

The VIX rise of 11% is interesting, but with the VIX only in the 16s, its to be largely dismissed.


IWM'60min

Dow

Sp

Summary

So, I'm going to guess the bull flag is largely complete.

From a MACD (blue bar histogram) perspective, we are VERY low on the cycle, and we could very easily open considerably higher at the Tuesday open.

Even though I expect a move to 1445, I sure won't be buying this dip, I'd rather wait for a near term top.

With the German court ruling, and the FOMC due, today and tomorrow are going to give everyone the chance to get positioned.

Your resident permabear remains trying to be patient!

More across the evening