Closing Brief

The main indexes saw something of a latter day recovery, with the sp -5pts @ 1781. The two leaders - Trans/R2K, settled -0.4% and -0.1% respectively. The market remains in flux, ahead of the final FOMC of 2013. Once we are past that, we'll have a clear direction into January 2014


sp'60min

Summary

A somewhat choppy closing hour, but still..the bulls should be content with a daily close in the 1780s, not least after the morning weakness, where we again broken into the 1770s.
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Rest of the week..and indeed year...will no doubt be dependent upon how the market copes with what the FOMC announce tomorrow.

As I've been noting for weeks...it makes ZERO sense to believe the Fed will change policy immediately ahead of the Christmas holiday..and also before the Bernanke leaves.

I think post-FOMC tomorrow, the bulls should be gunning for a daily close in the 1800s..which will open up new highs by the Friday close..and then melt into year end.
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more later..on the VIX