Closing Brief

The market closed somewhat mixed. The transports closed slightly red, and its close companion - the Rus'2000, closed somewhat weak. The headline Dow & Sp' indexes managed moderate gains. The question now stands...was 1597.35 the high of this cycle?


IWM'60min

sp'60min

Trans'60min

Summary

First, note the Transports have pretty clearly broken the upward channel....with the R2K set to follow it tomorrow.

The big headline indexes though, that's another matter, and they remain extremely resilient.

It should be noted that the recent 4 day surge has been associated with a decline in the USD. If the Dollar starts to rally next week, that will be a major problem for equities, but especially Oil and the precious metals.

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*The VIX does look like its floored in the low 12s, and the bears should be seeking a Friday close in the 13s