Closing Brief

The market slipped lower into the close. The bulls took most of the day to break the key sp'1520 line..but its done now, and despite the weak close, the sp' looks set to break into the 1550s by mid-March. With higher dollar, both Oil and precious metals took a major hit.


Dow

sp'60min

Trans

Summary

*a little weakness in the closing hour, but I don't think its anything for the bears to get excited about. There just doesn't seem to be any power on the downside, is there?
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Suffice to say, I can really understand what must be real disappointment out there in bear land. Bears get two major waves lower to sp'1485..and now we're back to a relentless climb.

Normal service has indeed resumed..fuelled by POMO.

The next key target zone is sp'1550/60..which looks set to be hit in March/April.

I will be a lot more comfortable with a re-short in sp'1550s. Subsequent downside target would be the lower bollinger (weekly cycle), which by late April/early May will be somewhere around 1425/00 - where there is also that unfilled ES gap.
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more later..on the VIX.