Thursday, 11 February 2016

Closing Brief

US equities closed broadly lower, but well above the mid afternoon lows (intra low sp'1810), settling -22pts @ 1829. The two leaders - Trans/R2K, settled lower by -1.4% and -1.0% respectively. Near term outlook offers yet another chance for a 4-7 day rally, back above the sp'1900 threshold.



*closing hour action: a new intra high of 1839... but not yet able to settle above the hourly 10MA

.... well, that sure wasn't dull.

A rather classic turn around 2.30pm, closing around 1% above the low. Not quite 'hyper'... but it gives the bulls a buffer tomorrow.

We've a long 3 day weekend ahead, and there is always going to be threat that the PBOC might do something this weekend/Monday.

Broadly... regardless of any short term bounce... the bigger trend remains absolutely bearish.

more later... on the VIX