Closing Brief

The market climbed for the third consecutive day, with most indexes now 3-4% above the Monday low. Near trend remains bullish, hourly charts are warning of a possible rollover to end the week. VIX is failing to show any market concern, with a close in the upper 16s.


sp'60min

vix'60min

Summary

A very frustrating day for those on the short side.

The obvious question is how long will this latest nonsense continue? Certainly, end-month 'window dressing' might be another excuse for Mr Market to at least 'hold together' into the weekend.

The problem for the bears is that any weekly close >1605 bodes badly for those seeking a further wave lower to the 1530s. Any weekly close >1620 effectively obliterates any real chance of further declines.
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yours...  tired..and partly-drowned

(will the PMI number be a life-raft to the bears tomorrow morning?)