Closing Brief

The main market clawed broadly higher across the day, but the market still looks rather shaky. Further upside into early Wednesday seems very viable, but this bounce is going to hit a wall around sp'1600/10. VIX is already gap-filled in the upper 17s.


sp'60min

vix'60min

Summary

*touch of weakness into the close, but I don't think its too important.
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Well, today was a day where I merely sat back..and watched.

The bounce from 1560 is now almost 2 days in age, and if the Wednesday open is higher, that will almost certainly be it.
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The gap at sp'1625 (or so), looks out of range in the current bounce.

Broadly speaking, the near term trend still looks exceptionally weak, and a move down to the low sp'1500s looks very viable..within days. Look for the 10yr yield to break >2.75
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more later