Closing Brief

The broader market closed lower, but its important to note that the most volatile and ramp-reacting indexes - the transports, and the Rus'2000, both closed higher. We remain a mere 2% or so from the mid-September FOMC highs.


Dow'60min

Sp'60min

Trans'60min

Summary

A marginally interesting closing hour, with more intense weakness in the last 15 minutes.


The December 17'th low

For the bears, the critical low is from last Friday, sp'1413. Until we take out that low, the near term trend is unquestionably still UP.

Getting down below sp'1420 is going to be difficult, not least since Christmas trading volume could be so low as to allow the bots to melt everything back higher - even with the relentless concern about lack of a fiscal cliff agreement.
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More later..on the VIX, which closed significantly higher.