Tuesday, 27 August 2013

Closing Brief

The US market saw significant declines, with the sp -26pts @ 1630. The Trans/R2K saw rather severe falls of 2.6% and 2.4% respectively. Near term trend looks very weak, and a hit of the bigger target - sp'1570/60s look viable, with VIX in the low 20s.




*I've removed the fib-retrace levels...I no longer think a move to sp'1680s is viable in the near term.

So...a clear victory for the bears, with rather significant index falls, and the VIX breaking into the 17s.

On any basis..the daily/weekly charts are highly suggestive of further declines in the coming few days.

*I am LONG VIX..overnight, seeking an exit in the 20/21s, before the weekend. It will not take much of an overnight scare to send the VIX up another 20%.

the usual bits and pieces across the evening...