Thursday, 8 May 2014

Closing Brief

Equities built gains across the morning, but slipped lower across the afternoon, sp -2pts @ 1875. The two leaders - Trans/R2K, settled u/c and -1.0% respectively - although it is notable that the Trans broke a new historic high of 7775. Near term outlook remains moderately bullish.



*for yours truly, it was an interesting day...bailed on RIG and SDRL at the open for sig' gains... but still holding a mixed trio of other stocks.

Despite the afternoon weakness, I still can't take seriously the near term bearish case.

Yes, we still have very distinct weakness in the R2K/Nasdaq, but the other indexes  - Dow/SP/Trans are still generally battling higher. The fact the the trans broke a new historic high today should certainly be seen for what it is.... bullish.

As ever, how we close with the week will be important, equity bulls should be content with anything in the 1880s, along with Dow 16500s.

more later...on the VIX