Closing Brief

With Bernanke sailing off into the sunset..for Christmas, the market now returns to normal service, on thoughts of the fiscal cliff, and other economic concerns. A number of the indexes have just broken their ascending channels, the first sign of a turn.


Dow'60min

Sp'60min

Trans'60min

Summary

The market rallied moderately on the FOMC announcement, but the gains never looked strong, and once the Bernanke conference began, the weakness started to re-appear.

With the VIX closing higher, and the $ recovering across the afternoon, everything is starting to turn back towards the bears.

Lets be clear, the first target is to break the recent 1398 low, until thats done, the bears can't be confident that this 'stupid wave'2 bounce' is complete.

More later.