Thursday, 9 January 2014

Closing Brief

It was another day of minor chop for the US indexes, with the sp' +0.6pts @ 1838. The two leaders - Trans/R2K, settled +0.95% and +0.1% respectively. There is slight near term uncertainty, but the broader trend remains to the reflected in a fearless VIX.



We've now had around 20 solid trading hours of minor price chop..a range of barely 1%. Not exactly exciting, but then, there has been plenty of significant action in individual stocks..especially UAL, DRYS, and the coal miners.

Best guess for tomorrow?   I'd have to guess we gap higher on a 'good news is actually good news' interpretation.

Those holding short overnight, if they are lucky will get a quick washout down to 1820/18..but really, I'd only give a 20% probability of that outcome.

The fact there is sig' QE-pomo tomorrow of around $2-3bn, should, as ever, concern the bears.

the usual bits and pieces across the evening :)