Tuesday, 29 April 2014

Closing Brief

US equities closed higher, sp +8pts @ 1878. The two leaders - Trans/R2K, settled higher by 0.4% and 0.3% respectively. Near term outlook is bullish, with both the daily/weekly charts offering the 1895/1900 zone as early as late Wednesday afternoon.



*awaiting earnings from EBAY, TWTR, and STX

The spike floor of sp'1850 is now looking a fair way lower, and if we do manage to claw into the 1900s - whether this week or next, April will have just been another little tease to the equity bears.

Just reflect on all the bearish hysteria, and yet the sp' only declined 4.4% from 1897 to 1814. It barely ranks as a minor retracement.

Yes, there were more significant declines in the R2K/Nasdaq - never mind the carnage in the momo stocks, but I try to deal with the broader market, not just the weakest parts.

Have a good evening

more later..on the VIX

4.11pm.. TWTR earnings were fine, but market is still not pleased, and have taken the stock to the 38.50s. This is actually a NEW historic trading low for TWTR.

There is nothing but empty air until the IPO level of $26.

STX, beat... $1.34.. vs 1.26 exp..... should rally tomorrow morning..the $55s look viable.


EBAY earnings..a touch above, but market is selling the stock a little lower.