Broad equity gains

US equity indexes closed broadly higher, sp +16pts at 2358. The two leaders - Trans/R2K, settled higher by 1.8% and 0.7% respectively. VIX settled -7.8% at 11.53. Near term outlook offers a fair amount of chop into end month. More broadly, the 2425/50 zone is on the menu for late April/early May.


sp'daily5

VIX'daily3

Summary

The market opened in minor chop mode, but with no downside power, it was just a matter of time before equities built rather broad gains. The net daily gains give high confidence that sp'2322 is a key short term low. In theory, the market should battle upward to the 2425/50 zone by late April/early May.

Volatility was naturally continuing to cool, with the VIX already cooling back into the 11s. The 10s are clearly due, with the 9s viable if the bulls have a case of mild hysteria within 3-5 weeks.
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Here in the metropolis...

Sundown.. 2.20pm EST.

It was another reasonable spring day. More importantly - for those in the northern hemisphere, we're another day closer to summer warmth, which I really am bullish about.

Don't forget, extra charts in the late evening via https://twitter.com/permabear_uk   Any retweets guarantee citizenship*

Goodnight from London
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*Would you like to know more?  see: http://www.imdb.com/title/tt0120201