Friday 4 April 2014

Closing Brief

US equities broke new historic highs in the opening 30 minutes, but they sure didn't close positive, sp -23 pts @ 1865. The two leaders - Trans/R2K, closed -1.5% and -2.3% respectively. Outlook for Monday is uncertain. Equity bears need a break of the rising weekly 10MA, and the 50 day MA (1838).


sp'60min


Summary

..thank the gods...its the weekend!

This mornings reversal was a pleasant surprise, and congrats to anyone who had the audacity to short the opening gains. The two spiky candles were a particularly great example of why candle type can be a useful warning.

I guess I could have chased the market lower from the 1890/85 level, but really, I just wasn't in the mood to hit buttons today.

As things are, I will look to go long the indexes next Mon/Tuesday, with a stop in the sp'1850s. For me, the lack of upside power in the VIX remains a long standing problem for the bears.

Have a good weekend everyone.
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*the weekend post will be on the World Monthly Indexes