Closing Brief

US equities closed a little higher, sp +4pts @ 2111 (intra high 2119). The two leaders - Trans/R2K, settled higher by 1.1% and 0.2% respectively. Near term outlook remains for weakness to the 2090/80 zone, before renewed upside into the FOMC of June 17'th.


sp'60min

Summary

*some distinct weakness in the closing hour, with resistance holding at sp'2119.
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A day of moderate swings, with opening gains failing.. turning a little lower with a floor of sp'2102.. but then swinging almost a full 1% higher.

The closing hour weakness certainly bodes well for the equity bears for Tuesday, although even a decline to 2090 is nothing to get too excited about.

It does seem the next decent opportunity for a major rollover will be after the next FOMC.. and to be clear, I do NOT expect rates to be raised until at least September.

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more later... on the VIX