Closing Brief

The main indexes closed largely flat, with the sp -0.3pts @ 1841. The broad underlying trend remains bullish, and The VIX settled +8.7% @ 13.54. Market looks set to climb across the rest of the week. Metals closed the day weak, with Gold -$17


sp'60min

vix'60min

Summary

The market is naturally seeing minor chop into year end. It could also be seen a simple consolidation though, and indeed, the hourly index charts are offering what is probably just a bull flag.

We look set to break into the 1850s..whether tomorrow..or later this Thurs/Friday.

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*things remain quiet out there..so..I'll skip the normal evening wraps.

A little more later, probably at 8pm EST.


Closing video from MrTopStep


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3pm update - closing hour gains

The underlying upward pressure should be pretty obvious to most out there, and the main US indexes should close fractionally higher. Metals remain weak, Gold -$12, Silver -2.1%. VIX is higher by almost 8% in the mid 13s.


sp'60min

Summary

Underlying MACD (blue bar histogram) on the hourly index charts is clearly allowing a year end close in the sp'1850s tomorrow.

Yes, the VIX is somewhat higher, but I can't take it seriously, whilst there is zero power on the bearish equity side.
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Notable recovery in TWTR, now just -1%, back in the $63s.

We now have a clear reversal candle on TWTR. A net daily positive close would be very impressive for the momo chasers out there.
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3.45pm.. the index chop continues...however, there is increasing weakness in the metals..and that is bringing the miners lower.

End year tax-loss miner selling?

2pm update - VIX melting higher

The VIX jumped higher at the open, and continues to rise, now +6% in the 13.30s. However, there really isn't anything in the immediate term to suggest the market bull maniacs have anything to be concerned about. Metals remain weak, Gold -$10


vix'60min

Summary

I remain dismissive to todays gain in the VIX. Six percent of a small number, still only gives a low VIX..barely in the teens.

Later this week, if sp'1850/70s, then VIX will be in the 12/11s.
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Notable strength: STX

...headed much higher..eventually.

1pm update - sleepy Monday

Mr Market is slipping into a very subdued mood, price action is generally very minor. Metals remain weak, Gold -$10, Silver -1.8%. Shippers and momo stocks remain weak, and TWTR looks set to close <$60. Broader market upside later in the week is expected.


sp'60min

Summary

With next to zero downside power on the bearish side, Mr Market should be able to hold the sp'1835/30 zone by the close, if not also across Tuesday.

Does anyone seriously think the market won't rally later this week?
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12pm update - weakness in shippers and momo

Whilst the main indexes continue to build a pretty clear bull flag, there is notable weakness in the shipping and momo stocks. DRYS -6%, whilst TWTR is battling to re-take and hold the $60 threshold. VIX is +5% or so, but this is likely minor noise.


DRYS, daily

TWTR, daily

Summary

A quiet Monday...but bulls can be pleased in that it looks like the 1830s are going to comfortably hold, before the next lurch higher.

It looks highly probable that we will be in the sp'1850/70 zone later this week.
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VIX update from Mr T.



time for lunch :)

11am update - market building another bull flag

There is a rather clear bull flag continuing to build on the hourly index charts. The sp'1830s should hold for the rest of today/tomorrow..before a renewed push higher. Weekly charts are offering the 1870s...and even the 1900s are viable by mid/late January.


sp'60min

sp'weekly8

Summary

*VIX is higher by 5%, but I can't take that seriously, not with the overall market mood.
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So...regardless of whether the chop ends today..or continues into the Tuesday close...we're set for the 1850/70 zone later this week.
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10am update - minor chop

The indexes open with very minor chop, with first soft support in the sp'1835/33 zone. Certainly, bears  haven't a hope of sub'1800 for some weeks. Metals are weak, Gold -$9. Hysteria stock TWTR, fails to hold the 62/60 support zone.


sp'60min

TWTR, daily

Summary

A little minor chop to start the week, but there is still some interesting action in individual stocks.

re: TWTR, the hysteria that it is...I'm still a little surprise to see it lose the 60s. Oh well, maybe they want to knock it back to the $50 threshold..before the next ramp into mid/late January.

Pre-Market Brief

Good morning. Futures are flat, we're set to open around sp'1841. With just two trading days left of 2013, we're likely to see some significant price chop. Metals are ending the year weak, Gold -$10, Silver -2.0%.


sp'weekly8

Summary

Well, we're almost there..another year about done.
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Notable early movers: TWTR -4% in the $61s... I would be surprised <$60 today.

Early strength: RIG, +0.8%...to the $49.20s. I'm seeking 52/53 by the Friday close..which is kinda bold, but it is viable.