Closing Brief

US equities closed significantly higher, sp +30pts @ 2053. The two leaders - Trans/R2K, settled higher by 0.5% and 0.8% respectively. Near term outlook is for broad upside into the next FOMC of Dec'16th. From there... it really is up to the Fed. If no rate rise... uncertainty and lack of confidence will return to world capital markets.


sp'60min

Summary

*closing hour action: new highs in the closing hour... absolutely nothing for the bears to cling to.
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**closing bell at the NYSE rung by Direxion... arguably.. the bane for most equity bears since 2009. Their tag line should be 'statistical decay is a bitch'
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So.. the week starts positive... despite the overnight declines.

We've a clear floor sp'2019.. with VIX having maxed out around the key 20 threshold.

In many ways.. for those bears wanting to re-short.. its arguably a case of 'turn ya screen off for four weeks'.

I am holding to a no-shorts policy... will consider picking up a few long positions (if the mood takes me) on any minor retrace, whether tomorrow.. or more likely... Wed'.
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'Normal service' resumes in market land...

Happy.... so happy

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more later... on the VIX