Friday, 8 April 2016

Closing Brief

US equity indexes closed moderately higher, sp +5pts @ 2047 (intra high 2060). The two leaders - Trans/R2K, settled higher by 1.1% and 0.4% respectively. Near term outlook offers renewed significant downside next Mon/Tuesday to the sp'2020/10 zone, which should equate to VIX 18s.



Closing hour action: continuing weakness, with most indexes turning (if briefly) fractionally red, with a micro up wave in the closing minutes.

This morning's high of sp'2060 was almost as annoying as the Wed' afternoon high of 2066.

What should be clear... the bull maniacs are increasingly less likely to buy, and this market is looking increasingly vulnerable in the weeks and months ahead.

For the super cautious bears out there, we now have another lower high of 2060, and might not be trading that high for a long.... long time.

I hold short across the weekend, seeking an exit in the sp'2010s, with VIX 18s.

Have a good weekend

*the usual bits and pieces to wrap up the week.. across the evening