Closing Brief

The indexes saw some significant declines, but a moderate latter day recovery, sp -16pts @ 1828. The two leaders - Trans/R2K, settled +0.3% and -0.8% respectively. Near term outlook is bullish, baring a decisive break <1815.


sp'60min

Summary

*earnings due at the close: MSFT, SBUX.
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So..we saw the second wave of significant declines in 8 days.

The real issue for those touting 'omg, the crash is coming', how are we going to see that rare event, if the market never sees more than one big down day in a row?

We remain in what is almost a full month of sideways chop in a range of less than 2%.  How is that in the least bit bearish?

I hold to the original upside target zone of 1860/80
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more later, on the VIX

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4.33pm... MSFT results were good, stock jumped 5/6%.  SBUX... reasonable, stock -1% or so.