Closing Brief

The main indexes traded in a very narrow range, even after the FOMC minutes were released. The sp'500 closed effectively flat @ 1652, whilst the 'old leader' Transports, -0.7%. There looks to be moderate opportunity for the bears to knock the market back to test the 50 day MA in the low 1630s.


sp'60min

Summary

So, a rather dull end to the day. Certainly, the bears again appear to be lacking any power, although no doubt many are waiting to hear what the Bernanke has to say..this very hour.

Daily charts are still pushing higher, but on any basis, the market has risen 97pts in just 12 trading days..all on very low volume.

We're surely due some minor retracement...yes?
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*I am short from sp'1654, and holding overnight. Seeking an exit in the low 1630s by the Friday close.
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