Closing Brief

US equities opened a little shaky - with a new cycle low of sp'1878, but then surged, building powerful gains, sp +31pts @ 1921 (intra high 1934). The two leaders - Trans/R2K, settled higher by 1.2% and 1.5% respectively. Near term outlook offers the 1956/80 zone, along with VIX back under the key 20 threshold.


sp'60min

Summary

*closing hour action: a new intraday high of 1934, a little cooling, but nothing for the equity bears to get excited about.
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Finally, a day for the equity bull maniacs, most of whom must have been really spooked with the sp'1870s in early trading.

Clearly, we have a short term floor of 1878, and look set the for 1956/80 zone.

Sustained action >sp'2K looks out of range.
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more later... on the VIX