Thursday, 20 August 2015

Closing Brief

US equities closed significantly lower, sp -43pts @ 2035. The two leaders - Trans/R2K, both settled lower by -2.5%. Near term outlook offers a short term floor, with a probable bounce to the 2075/80 zone by next Tuesday... which should equate to VIX cooling to the 15/14s.



*closing hour.. moderate chop, a failed attempt to rally, but then breaking marginal new lows into the close.

Ohh noes.. Dow loses 17000 into the close.....  pretty nasty.

So... quite a day... but on any fair basis, nothing for any of the bears to get overly hysterical about. We've held most of the broad supports, and VIX remains 'relatively' low in the upper teens.

Best guess.. a 2-3 day bounce... 2075/80 (I suppose 2100 is possible, but it looks difficult).. and then the next wave should take us to sp'2000/1975 zone... with VIX blasting into the mid 20s.

Having dropped AAPL-short and VIX-long shortly after the open, I am back on the sidelines, with no intention to get involved again until next Mon/Tuesday.

more later.... on the VIX