Closing Brief

US equities closed moderately lower, with the sp -8pts @ 1746. The two leaders - Trans/R2K, closed +0.7% and -0.4% respectively. Near term trend remains bullish, and there remains a small chance of a weekly close in the sp'1760s,


sp'60min

Summary

For the bears, it was the first down day since last Tuesday - when the SP' closed at 1698. Yet, the declines today were only moderate, and frankly, a return to sub 1700s looks very unlikely for some weeks, if not months.

With powerful - a very profitable companies like AAPL and GOOG, both closing with good gains, I find it impossible to consider today as anything other than minor weakness.

No doubt some will tout sp'1759 as a top. Frankly, I see them as mere lunatics, who should have thrown in the towel after we broke the Oct 2007 high of >1576.

Have a good evening.
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more later...on the VIX