Wednesday 28 May 2014

Closing Brief

US equities closed somewhat subdued, sp -2pts @ 1909. There were new historic highs for the Trans/SP'500 of 8102 and 1914 respectively. Near term outlook still offers a minor retrace - if on the excuse of 'weak' GDP.


sp'60min


Summary

*fractional weakness into the close, maybe a few were cashing out ahead of tomorrows GDP (second) reading.
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It was just another day in market land. New highs for the 'old leader', and even though there was some moderate weakness in the R2K across the day, the retrace was very minor - considering the recent gains of almost 6%.

Bigger picture remains the same...multi-week up wave from sp'1814..just keeps on going.
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*I remain on the sidelines, with zero intention of picking up any shorts for probably some weeks.
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more later..on the VIX