Monday, 7 March 2016

Closing Brief

US equity indexes closed moderately mixed, sp +1pt @ 2001 (intra high 2006). The two leaders - Trans/R2K, settled higher by 0.4% and 1.1% respectively. Near term outlook is for further chop, but leaning on the upside. Next target is the 200dma of sp'2022, with the 2030/40 zone more viable next week.



*closing hour action: micro chop, and once again... leaning on the upside, as the equity bears lack any sig' downside power.

Little to note... on what was a relatively subdued day.

As things are, Tuesday will likely be even quieter than today.

For the moment, equity bears remain powerless, and there is zero realistic hope until the ECB this Thursday. Even then, the market will likely have a fairly high chance of holding together into next Wednesday's FOMC.

Bullish construction sector

'... you had the bodies, locked up in a bunker!'

Kinda bizarre to think that Indepedence Day is now approaching its 20'th anniversary. Hopefully, the sequel will be at least 'reasonable'.

more later... on the VIX