Wednesday, 2 March 2016

Closing Brief

US equity indexes closed moderately higher, sp +8pts @ 1986. The two leaders - Trans/R2K, settled higher by 0.2% and 1.1% respectively. Near term outlook offers the 1990s, with 2K viable this Friday. Broad upside looks due into the FOMC of March 16th.... best case is the gap zone of 2038/43.



Closing hour action: micro chop... but leaning on the upside, breaking a new cycle high of 1986.

The drama of CHK made for one interesting closing hour on clown finance TV, and ironically, CHK stock managed to hold very significant gains of around 23%.

As for the broader market... underlying momentum remains strongly bullish, and it will likely take at least two more weeks for the bull maniacs to exhaust themselves.

Considering a bullish MACD cross on the big weekly cycle is now imminent, there seems little reason to get involved on the short side until after the ECB and FOMC meetings are out of the way.

more later... on the VIX