Closing Brief

The day started dull, and looked set to close the same way, except GOOG really spiced things up with its early press release. Main indexes closed moderately lower, lead naturally by the Nasdaq. VIX closed a touch lower.


iwm'60min

sp'60min

trans'60min

Summary

Moderate declines for the Dow/SP', with Nasdaq losing almost 1%. Transports continues to do its own thing, and is close to breaking a few key levels.

Earnings have so far been arguably weaker than the cheer leading bull maniacs were expecting..and these are only Q3 numbers. I'd expect Q4 to come in much..much lower.

Those who were touting a US recession as early as this Spring, are starting to see their predictions pan out.

Yet, for the moment, the market is still holding together..not least as evidenced by the flat VIX in 15s.

back later.