Closing Brief

The opening gains held, and despite a touch of weakness in the afternoon, we saw a closing hour ramp, and the bulls can certainly call today a victory, although we remain importantly below last Wednesdays FOMC sp'1438 equivalent high on all indexes.


Dow'60min

Sp'60min

Trans'60min

Summary

Hmm, a very disappointing Monday. The big indexes are making a challenge of the FOMC high.

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There seems almost a complete lack of power on the bearish side. The algo-bots are able to melt this nonsense higher to negate the few minor down cycles that we do get.

A daily close >1438 this week, and bears will arguably be back to square one.


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Santelli and Schiff...always worth seeing




more later...