Monday, 20 July 2015

Closing Brief

US equities closed moderately mixed, sp +1pt @ 2128 (intra high 2132). The two leaders - Trans/R2K, settled lower by -0.4% and -0.5% respectively. Near term outlook offers a retrace, but with price action as it is, even the sp'2100 threshold looks a stretch. Regardless, broader upside into August.



*closing hour was notably weak, with a clear break of short term rising trend.

Little to add.. on what was a very tedious and dull Monday..aside from the action in the precious metals.. and the
related mining stocks.

A retrace to sp'2100 looks due. Whether the decline can fill the lower gap of sp'2080... very difficult to say. Bears could do with some 'spooky news' from Greece.

*I remain short the market via a small block of VIX, seeking the 15s... but that won't be easy.. unless sp'2090/85.

Awaiting IBM earnings.. due at the close

more later... on the VIX