Thursday, 30 July 2015

Closing Brief

US equities closed moderately mixed, sp +0.1pts @ 2108. The two leaders - Trans/R2K, settled u/c and +0.2% respectively. Near term outlook is offering renewed side, but the equity bears really need some sustained price action under sp'2090 to offer clarity that the Wed' high of 2110 was just another marginally lower high.



Not the most exciting of days... indeed, with the morning spike from 2094, it was a pretty frustrating day for those in bear land.

Yet.. from a pure cyclical perspective, the setup does favour the bears into the weekly/monthly close.

I would be surprised if we don't see a monthly close <sp'2100.. along with VIX 14s.

*I hold long-VIX, and short-INTC overnight.

more later... on the VIX