Wednesday 28 August 2013

Closing Brief

The main indexes closed with slight gains, the sp'500 +4pts @ 1634. The two leaders - Trans/R2K, closed -0.1% and +0.3% respectively. Near term trend looks very weak, with an unchanged target in the sp'1570/60s, along with VIX in the low 20s.


sp'daily5


Summary

*I'm still inclined to avoid posting any smaller cycle charts, for fear of 'getting lost in the noise'.
--

A very quiet day, I'm calling it a simple consolidation day for the bears, before the next big wave lower.

With primary target of 1570/60s..that makes for a fair way lower to go, and unless you think we're going to breaking back into the sp'1700s real soon, then I find it hard to understand how anyone can be not be bearish into next week.

*I remain LONG VIX, seeking an exit before the Friday close in the low 20s.
--

the usual bits and pieces across the evening.