Closing Brief

With the break below what was a 7 day bear flag, the indexes snapped with the move <1450. The bears have seen an important break, next target is the recent 1430 low, and then 1400/1397.

The VIX was trying to break higher near the close, but its still lacking a real kick to it.


IWM'60min

Dow

sp'60min

Summary

So we close at the lows of the day, thats pretty good to see, its been a while since we had some action like today. We actually saw the indexes decline one full percent!

With the VIX closing +8%, that is starting to show a little strength, but of course, we're still way below the important 20', where the VIX moves are much more reliable and useful to follow.

*Alcoa earnings..due.

More across the evening.