A choppy end to the week, and it looked like we were back in low volume algo-bot melt up mode this afternoon. The VIX slipped lower, although the $ managed gains for a third day. It remains a very twisted and frustrating market. There are just 11 trading days before Santa appears.
The closing hourly charts:
A frustrating day..and indeed..the week.
We remain trapped within a tight trading range, Bulls seeking >1423...bears.... <1398. A break of either, will probably open up at least a 2-3% move in each direction.
What remains remarkable..there is absolutely NO sign of an agreement to delay (partly or wholly) any of the fiscal cliff changes.
Unless something changes, Mr Market will have to imminently price in Q1 2013 GDP -2 to -4% recession. Or maybe that's bullish?
The usual bits and pieces across the evening.
Have a good weekend everyone! ...hope to see you all return next week :)
*there will be a weekend posting, late on Saturday, probably on the weekly index cycles.