Closing Brief

US equities closed broadly higher, sp +15pts @ 1995 (intra range 1976/99). The two leaders - Trans/R2K, settled higher by a significantly 1.4% and 1.7% respectively. Near term outlook threatens a retrace to the 1950s, but the 2040/60 zone looks probable within the next 7-10 trading days.


sp'60min

Summary

*closing hour action: further chop, but with renewed upside into the close... absolutely nothing for the equity bears to pleased about.
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So.. a bit of a messy day in market land.. but broadly.. another day for the bull maniacs.

Clearly though.. there are distinct areas of weakness out there.. in the same stocks that were warning of trouble in early August.

Regardless of any weakness/retrace.. the sp'2040/60 zone still looks probable before next opportunity of major down wave.

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more later... on the VIX