Wednesday 8 October 2014

Closing Brief

US indexes broke a new cycle low this morning of sp'1925, but ended up soaring, settling +33pts @ 1968. The two leaders - Trans/R2K, settled higher by a very significant 0.9% and 1.9% respectively. If the Monday high of 1977 is broken over, t will be white flag waving time.


sp'60min


vix'60min


Summary

Pretty much a crazy fed inspired 'we're concerned about....don't worry about us raising rates'.

There sure were some wild price moves out there, not least in the miners.. but see my 'fair value' page for more on that sector.

The daily index candles are of the bullish engulfing type.. with a pretty strong spike-floor.

Arguably, the last line in the sand is sp'1977.. after that.. there is only the 2019 high.

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*I'm still not running on 'full power' you could say, hell, I didn't even remember the FOMC minutes were due at 2pm today. Hopefully I'll be fully recovered by next week... urghh.
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I'll post something to wrap up the day at 8pm EST.