Closing Brief - messy day

The main indexes closed moderately lower, after opening gains failed to hold. The intra-day reversal was interesting, but it simply isn't that significant in size. USD saw strong gains, which kept downward pressure on the metals and Oil, although Silver and Oil still managed to close up.


sp'60min

Summary

A bit of a messy day to start the week. I think whats clear is that we're back to random EU news reports which are able to swing the market somewhat wildly at times.

The Cyprus issue hasn't gone away, and the longer term ramifications are indeed severe. All those deluded bulls who think everything is again 'fixed' have an interesting and likely 'difficult' time this coming April-May.
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In terms of price action, its hard to know what we're dealing with. We did break the 1563 high at the open, so..bulls do have that to tout today.

I'm still guessing we'll make a spike high in the 1570s this week.

As it is, I won't be looking to do any index shorts/ VIX longs until after the Easter break.
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more later, on the VIX and the Indexes.