Closing Brief

US equities closed significantly lower, sp -58pts @ 1913 (intra low 1903). The two leaders - Trans/R2K, settled lower by -2.1% and -2.7% respectively. Near term outlook is for renewed upside, at least to the sp'2000 threshold.. with VIX cooling to the low 20s.


sp'60min

Summary

*closing hour.. very weak price action.. new lows.. as also reflected in the VIX which broke into the 33s.
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First, I realise the idea of 'renewed upside' from here seems absurd.. but then... wasn't a retrace from 1993 to the 1945/30 zone last Friday?

This could easily just be Mr Market trying to washout the maximum number of bull maniacs, before the next lurch higher.. based on nonsense talk from Draghi (Thursday) and/or Goldilocks jobs data (Friday).

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*yours truly is now underwater in a moderately sized AAPL-long position. Not a great day, but then... I was in much the same situation last week.. and that worked out okay.

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more later... on the VIX