Closing Brief

A somewhat dull Tuesday, with the VIX closing 2-3% lower. Ohh, but AAPL closed over $700, that has to mean QE3 is working right? Everyone has a job now?


IWM

Sp

Trans

Summary

Small moves for the main indexes, whilst the more unstable transports and Rus'2000 indexes continue to warn of underlying weakness.

One important issue to note is the MACD (blue bar histogram) cycle. We're very low, currently only a few bars up from today's low (especially for the tranny).

It would seem unlikely we'll see any major declines tomorrow, and instead, more churn/minor chop.

Bears will very likely have to wait until Thursday for the first chance of hitting 1440.

More later