Closing Brief

With the weekly jobless claims the best in a few years, we saw an excuse for morning gains, but they sure did not hold. It took the bears most of the day, but we managed to close broadly flat.


iwm'60min

dow'60min

sp'60min

Summary

I think many bears will be glad today is over with.

As for tomorrow, really tough to guess. I suppose bears can tout the short term trend is still somewhat down - and the Dow, R2k, tranny, are already below their sp'1430 equivalent lows.

Yet..as I keep noting, the VIX shows zero sign of market concern.

As ever, the bigger trends are what I'm trying to focus on. We have had a few major warnings lately, but the bears must stay in control..and push this market below sp'1430..and close below the 50 day MA @ 1427

More later