Volatility knocked lower at the close

Whilst the main indexes held moderate gains across the day, the VIX similarly managed fractional gains. However, as we've seen happen many times in the past, the VIX was knocked lower at the very end of the day, closing -1.3% @ 12.66. Near term trend looks weak.


VIX'60min

VIX'daily3

Summary

It does look like we're back to the old 'kick the VIX lower in the last few trading minutes of the day' game. This game can last for a very long time...certainly a fair few weeks, if not months.

There is also seemingly near zero probability of VIX 20s this side of the summer.
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more later, on the indexes

Closing Brief

Another very quiet day in market land, with the headline indexes holding moderate gains of 0.4%. The Trans/R2K were red at times, but both also closed green. The Transports close in the 6400s is testament to the underlying power in this QE-pomo fuelled market.


sp'60min

Summary

A pretty dull day, but then that is to be expected in this new phase of algo-bot melt.

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What is bemusing to me each day is seeing some of those I follow shorting into the current rally.

The issue I have is that the bears FAILED just last week, and we've seen a move from sp'1580 to 1630s, and they believe 'thats it'. Err, no, that makes no sense to me

The Transports weekly chart remains the big one, and I'm going to highlight it day in...day out, until it breaks below the up trend.

Anyone think we can't get a weekly close in the sp'1640s ?
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bits and pieces across the evening

3pm update - a touch of weakness

The market has had a good run upward since last Wednesdays low of sp'1582. A little weakness into the close, and perhaps early Thursday would make for a very natural minor down cycle. Oil has built further gains this afternoon, +1.1%, the weaker USD is no doubt helping.


sp'60min

USO, daily2

Summary

It remains very quiet out there. Any bears getting excited about a pull back from 1630 really need to go stare at the weekly Transports chart for a few hours.

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*I remain content to be on the sidelines, not least after last weeks key bear failure.


UPDATE 3.30pm.. well, Trans back >6400, and other indexes holding up. Bears can't even get a few pts lower.

back at the close.