Closing Brief

US equities settled moderately mixed, with some distinct weakness in the closing hour, sp -2pts @ 2083 (intra high 2092). The two leaders - Trans/R2K, settled lower by -0.1% and -0.3% respectively. Near term outlook is for renewed weakness to the sp'2040s, which should equate to VIX 17s.. before churn/moderate upside into opex.


sp'60min

Summary

*closing hour... a clear rollover.... with more significant weakness due tomorrow morning.

Frankly, the equity bears should be delighted with how today closed.
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So... another day closes.. after a fair bit of chop.. but the closing hour offered a very strong hint of what is possible across tomorrow.

Best guess..  a marginally lower low in the sp'2040s.. with VIX spiking into the 17s.. before 4-5 days of churn into next Friday's opex.
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I hold long-VIX overnight.. and have little concern..the 15s look due tomorrow... 16/17s would be a good exit into the weekend
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more later... on the VIX