Closing Brief

US equities saw some interesting intraday swings, from opening gains to sp'1877, but being quickly eroded to 1850, and settling +6pts @ 1869. The two leaders - Trans/R2K, closed u/c and -0.5% respectively. Near term outlook is..bullish to another attempt to push >1880.


sp'60min

Summary

Interesting day, and yes, despite the weakness, I'm still resigned to higher levels. Indeed, I even picked up another two long positions.
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Where now?

Well, the hourly index cycles are offering a floor of sp'1850, and the big issue is can the market cope with QE taper'4 this Wednesday, along with whatever the GDP for Q1 comes in at. Market consensus is only 1.1% growth, which is not exactly a bold target. I'm guessing we'll at least see 1.5% or so, and you know the market will use that an excuse to rally.

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*I hold heavy long overnight (gods help the bulls now!), via CHK, DO, RIG, SDRL, and STX, the latter of which has earnings at the Tuesday close.
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more later..on the VIX