Closing Brief

The main indexes saw some weakness in the closing hour, but still, the daily close was a lot higher than many had expected last night. USD continues higher. Most notable recovery of the day was Oil, which fully reversed the gap lower. Precious metals look weak, despite a higher close.


sp'60min

Summary

Certainly an interesting day, and the Cyprus issue will linger on for the rest of the week, if not 'quietly' for a few months.

Have no doubt, the PIIGS of Italy, Spain, Portugal and Greece (not Ireland) will be seriously looking to skim a few percent of the bank savers money in the mid-term...for the 'benefit of the greater good'.
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As for market land, despite the weak close, it still looks like blue IV is floored @ 1545.

I seek one final Blue V higher, with a target of 1575/80 by early Thursday, at which point I will consider a major index short.

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more later...on the VIX, Indexes, and the weekly index charts...which are now rolling over.