Wednesday, 22 July 2015

Closing Brief

US equities closed moderately mixed, sp -5pts @ 2115 (intra low 2110). The two leaders - Trans/R2K, settled -0.3% and +0.3% respectively. Near term outlook offers further weakness to the sp'2100 threshold, the lower gap zone of 2080 remains a valid target, but VIX 15s look increasingly difficult, as the market simply isn't concerned.




*I am pretty tired.. have already fallen asleep once this evening.. so this shall be super brief

A truck load of earnings due at the close.. not least QCOM. Considering recent price action in INTC and AAPL, you'd have to be pretty bullish to consider QCOM will not get a post earnings smack down.

Day'2 for the equity bears, but clearly, the price action is only moderate weakness, we're just not seeing any real downside power.

At best.. sp'2080.. with VIX up the 14.70/15.30 zone. The latter though won't be easy.

*yours truly remains moderately long VIX, seeking an exit in that zone, but it sure is taking some time.

4.07pm   QCOM earnings... come in mixed...

Daily chart shows multiple resistance around $66. I do not expect QCOM to be able to break/hold above $68.

a daily wrap at 8pm EST...