Closing Brief

The main indexes closed significantly lower, after opening moderately higher. The sp -23pts @ 1747, with the two leaders - Trans/R2K, sliding a very significant -1.4% and -1.8% respectively. Immediate outlook is for further weakness, down to the gap zone of sp'1735/30.


sp'60min

Summary

The first decent down day in over a month. Congrats to those short...who had a stop @ 1775..or higher.
--

Certainly, a day for the bears - not least after the opening gains, but really,  nothing has changed.

QE continues..the bigger weekly/monthly charts are still powerfully bullish. World index charts all suggest a further 10/15% upside for the US indexes by late spring 2014.

Baring a break under the 50 day MA - sp'1707..and then 1700..I can't take the declines as anything other than a minor retracement.

Don't get lost in the bearish hysteria this evening!
--

more later...on the VIX