Closing Brief

US equities closed moderately higher, sp +9pts @ 1972. The two leaders - Trans/R2K, settled higher by 0.5% and 0.1% respectively. Near term outlook offers renewed upside, with the giant sp'2000 level viable next week.


sp'60min

Summary

*its time for kick off between Netherlands and Argentina...

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Thanks to those who said hello today. I'm still somewhat slow to reply, as I am still trying to fully sort out my email client, and other tech' stuff.

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back later, with a full daily wrap at 8pm EST

3pm update - mixed chop into the close

US equities have pushed a little higher after the algo-bots comfortably cope with the notion that QE will likely be fully terminated in October. Sp'500 looks set for a daily close in the 1970s, which will bring the market within 1% of breaking new historic highs.


sp'60min

Summary

*we have Netherlands vs Argentina at 4pm EST coming up... so I will be keeping things light here.
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Regardless of the closing hour... yesterday's low of 1959 looks pretty secure, and the 1990/2000s look very viable next week.

..and what will the usual suspects be saying then? Ohh yeah, they'll be calling another top.
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3.35pm.. Clown finance TV getting overly concerned about whether the Dow might close today above 17k. Really, it is of no concern.

Equity bulls have held the bears to another 2 day decline...and we look set to push higher from here.

Weekly charts are offering the sp'2050/75 zone by early September.
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back at the close... briefly... since kick-off is at 4pm!

2pm update - indexes set to climb

US equities are holding moderate gains ahead of the 2pm FOMC minutes. Hourly index cycles are highly suggestive of a break to the upside, which will offer the 1990s as early as this Friday. VIX remains in melt mode, and a return to the 10s is viable into this weekend.


sp'60min

Summary

*price structure on the hourly IS a bear flag, but... the bigger weekly/monthly cycles are of course bullish, and thus default view would be in favour to the bulls.
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So..lets see what the algo-bots make of the fed press release.

I would keep in mind that the equity bears had two days in their favour...and it only took the headline indexes around -1.3% below their historic highs - which was just last Friday!

From a pure chart perspective..we'll surely close today somewhere in the sp'1970/75 zone.
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Notable gains in CHK, SDRL, and momo stocks... FB & TWTR


2.03pm... FOMC... effectively announce QE to end with a $15bn cut at the Oct' FOMC.. rather than have some $5bn to cut in Dec.

In the scheme of things, its minor issue, but what is clear, from November onward.... QE3 will be...concluded.

How the market eventually copes with that.... well, I'd refer anyone to April 2010..and May'2011. Didn't work out so well in either of those cases.


2.12pm.. minor chop continues.

I see a fair bit of chatter, still seeking the 1950/40s.. but seems.. unlikely.


2.24pm.. and a snap higher.. as the bears make a run for it..and the bull chasers start to appear.

.. just another day in rainbow land.