Thursday, 11 October 2012

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.





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. 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