Closing Brief

US equities closed moderately weak, sp -9pts @ 2080 (intra low 2067). The two leaders - Trans/R2K, settled higher by 0.2% and 0.3% respectively. Near term outlook is bearish to the 2040/30 zone before the weekend. There still remains significant threat of marginal new highs in late May/early June.


sp'60min

Summary

*a closing hour short-stop cascade, from 2069, but still... it does not negate the technical damage, seen across most indexes today.
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Today was the second consecutive victory for the equity bears. The opening gains lasted mere minutes, before a rather severe reversal.. as the Yellen started muttering about equities.
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Earnings, WFM, earnings inline: EPS of 43 cents, but market is not happy as rev' is a touch light, initial stock reaction -10%.


TSLA, earnings beat... stock swings moderately higher. Underlying issue is one of persistent losses, on what is very low sales of $1bn.

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more later... on the VIX